Harrison White
As Cambodia’s financial landscape evolves, a pivotal factor shaping the future is the integration of cutting-edge technologies in the banking sector. In this regard, Temenos, a global leader in banking software, lays out a robust roadmap for the Cambodian market, underscoring the transformative impact of digital innovation.
A survey by Economist Impact, commissioned by Temenos, sheds light on the perceptions within the banking industry. It underscores that 63% of respondents believe new technologies, such as generative AI, blockchain, quantum computing, and biometrics, are poised to exert the most significant influence on banks over the next five years. This sentiment signals a trend toward a digital-first approach that aligns with global banking paradigms.
Diving into the financial allocations, the top areas of technology spending highlight a focus on Retail Banking, Corporate Banking, and Private Wealth. Investments are channeled into Artificial Intelligence, Public Cloud, and Blockchain/Distributed Ledger Technology (DLT), illustrating a multifaceted strategy toward financial modernization.
Temenos: A Tailored Approach To Diverse Banking Needs
For Retail Banking, embedded finance, buy now pay later (BNPL) or point of sale (PoS) finance, and digital account openings are prioritized. Corporate Banking emphasizes corporate digital channels and supply chain finance, whereas Private Wealth concentrates on data analytics, ESG solutions, and omnichannel advice, indicating a tailored approach to diverse banking needs.
Since 1993, Temenos’s innovation chronology has consistently pushed the boundaries, evolving from packaged upgradable solutions to end-to-end SaaS services for retail and corporate banking. Temenos is now extending its leadership to Generative AI for banking and with an AI infused platform enabling banks to deploy AI solutions faster and safer. This innovation encapsulates its forward-thinking ethos and commitment to adaptable, future-proof banking technologies.
Frankie Wai, the Business Solutions Director at Temenos and his team is at the helm of this technological expedition in Cambodia. With his guidance, Temenos’ technology roadmap for Cambodia is not merely a plan for advancement but a commitment to pioneering a digital revolution in the banking sector. This is set to redefine how financial services are delivered, with a strong inclination towards innovation, customer-centricity, and regulatory compliance, paving the way for a new banking era in Cambodia.
Temenos has consistently charted the evolution of banking services in Cambodia. Through its comprehensive Temenos Value Benchmark program, it provides strategic, data-driven insights that are reshaping the banking landscape. The customer value benchmarking and advisory service is a strategic survey-based initiative to enhance business performance and maximize the value of IT investments within banks. This program orbits around a core of business and IT metrics integrated with qualitative best practices.
Structured Approach To Analyze & Enhance Banking Operations
Through its four-stage engagement cycle, Temenos’s consultative approach with strategy consultants results in customized reports offering executive-level insights. These reports focus on crucial banking areas such as Product Management, Analytics, and IT, to name a few, highlighting a structured approach to analyze and enhance banking operations.
Key performance indicators (KPIs) such as ‘time to market for new products,’ ‘customer growth,’ and ‘self-service users,’ paired with qualitative assessments like ‘360-degree customer view’ and ’embedded workflow capabilities,’ reflect a holistic perspective on operational excellence. Temenos’s benchmarking covers eight domains within the banking value chain, offering a robust framework for banks in Cambodia to assess and elevate their performance. Through the Temenos Value Benchmark program, we have identified that banks who leverage Temenos Core banking solutions tend to have 31% higher STP rates, 30% higher NPS scores and 37% lower data duplication rates than their peers.
This meticulous approach ensures that Cambodian banks are not only current with global standards but also pioneering technological adoption and process optimization. Temenos’s roadmap for Cambodia reveals a commitment to driving innovation, enhancing customer-centricity, and ensuring sustainable, long-term growth in the region’s banking industry.
