One of the world's leading open platforms for composable banking, Temenos, underlined that cloud applications can help banking institutions efficiently scale up operations.

Temenos serves 3000 banks from the largest to challengers and community banks in 150-plus countries by helping them build new banking services and state-of-the-art customer experiences.

Temenos Banking Cloud, the company's SaaS offering, is used by over 700 clients across more than 30 jurisdictions.

During Temenos Cloud Forum 2023 forum for bank professionals in the Philippines, graced by representatives from the leading banks in the country, Temenos Financial Services Partner for Ernst and Young, Anurag Mishra, discussed "Banking Transformation" explaining that the cloud could help banks to efficiently scale their operations and design customer experiences which are more engaging.

"One of the most important shifts that is happening is on the customer side. Banking is going to transition while customers are demanding 'hyper-personalization' and that requires new technologies. Today is the best time to shift from a technology perspective because the number of options to deliver on customer experience is huge and the cloud can solve specific problems," according to Mishra in his presentation.

On the other hand, Temenos Business Solution Lead for ASEAN, Rishi Sarin, explained the changing landscape and the challenges in the banking industry.

"In a recent report published by Accenture "The ultimate guide to banking in the Cloud 2022," 94 percent of banking respondents said that about 50 percent of all their banking business and technologies will migrate to the cloud in the next three years, while cloud adoption increased 2x in 2022 compared to 2021. There are currently huge investments by Cloud providers in the market so when we offer it as a service, it's not only the reliability that comes in, but we can also provide security, stability and resilience," Sarin said.

He reiterated that the traditional set-up in which banks usually manufacture and distribute their own products, is changing fast as end-customers are demanding financial services at the point of need and it doesn't necessarily matter to them who is providing those services. This fundamental shift is giving rise to new business models like embedded finance or Banking-as-a-Service.

Temenos Principal Solution Consultant for Digital Banking Solutions for Asia-Pacific, Bala Carcharla, highlighted the three stages of "Lifestyle Banking."