Temenos (SIX: TEMN), the market leading provider of banking software, announced that Metro Bank, the first full service bank to enter the UK retail banking market in over a century launched its operations on TEMENOS T24 (T24).
Metro Bank will offer unparalleled customer service with a unique branch approach, underpinned by a âconvenience with qualityâ business model to serve the banking needs of the consumer and business communities. It pledges to deliver the ultimate customer experience through exceptional service delivery. Customers will benefit from extended opening hours with branches in operation 361 days of the year, a 24/7 London based call centre, online banking facilities and rapid account opening services with debit and credit card issuance in 15 minutes.
âToday marks the start of a British banking revolution. T24 gives us a competitive advantage by delivering functionality we need to support our UK business model on a single software platform, which keeps costs low and delivers a single customer view that allows us to deliver superior service to our clients. We want to build fans not customers; with Temenos we have a world class software provider which will help us achieve this and significantly contribute to our success in this marketâ, commented Vernon Hill, Co-founder and Vice Chairman, Metro Bank.
The bank chose the Temenos T24 Model Bank platform, based on its proven ability in lowering entry barriers around operational speed and cost to market - frequent challenges to start ups and indeed all banks in the current macroeconomic climate. The Model Bank platform embodies pre-configured, best practice products and processes and distils Temenosâ implementation experience across more than 600 projects worldwide into a proven, safe and well-documented implementation methodology. This provides Metro Bank with a single, out of the box solution to support its business with a low cost, low risk and rapid implementation, with system deployment completed in just nine months. Temenos in partnership with NIU, is supplying T24 as an externally hosted and managed service, further minimising initial capital investment.
âWe are delighted to be playing a part in such an exciting, revolutionary development in UK banking. The way banks interact with customers will play a fundamental role in building their long term profitability and excellent operational execution is the only real way to achieve this; Temenos and T24 provide Metro Bank with a sustainable strategic advantage of best in class IT and operational costs that will allow it to invest in customer service and therefore grow faster and more profitably than competition. Model bank has already provided for a 50% faster roll out time and up to 80% of the bankâs required functionality out of the boxâ, commented Andreas Andreades, Chief Executive Officer, Temenos.