Switzerland-based Temenos announced that it has teamed up with Latin America’s largest banking group, Itaú Unibanco Holding (Itaú).
Itaú will use Temenos’ WealthSuite as a core banking replacement of its international private banking operations. The bank will deploy WealthSuite in the cloud; a scalable approach that will enable Itaú to meet future demand and achieve a faster time-to-market for new services. Jean Michel-Hilsenkopf, Managing Director of Temenos Sales, noted that WealthSuite will not only help Itaú generate efficiencies, but also differentiate its customer proposition.
Part of Temenos’ digital banking suite, WealthSuite provides a set of holistic wealth management capabilities, including a roboadvisor service that can be packaged as a fully-automated solution, a hybrid, approach, or as a fully-advised method. With customer engagement tools and real time analytics, WealthSuite allows relationship managers to offer a compliant, personalized wealth management experience.
In a press release, Carlos Constantini, CEO of U.S. and Head of international private banking at Itaú, said he anticipates WealthSuite will “enrich the customer experience, reduce time to market for new products, generate efficiencies, and reinforce the segments’ digital strategy.” He added that the solution will help automate front, middle, and back office functions.
Itaú is one of many banks who have signed on to Temenos’ WealthSuite. Large banks such as ABN Amro, Standard Chartered, Nordea, Bank of Montreal, Bank of Montreal Asia Pacific, and others, are all leveraging the wealth management capabilities, which were formerly marketed under the brand T4.
Founded in 1993, Temenos debuted its Connect Mobile Banking application at FinovateEurope 2015 in London. The company employs 4,600+ people, operating out of 64 offices representing clients in more than 145 countries. Temenos is the fourth-largest software company in Europe, with profits of $185+ million and a market capitalization of more than $5 billion. David Arnott is CEO.