There are enough new terms floating around banking to make one’s head spin, and along comes greenfield bank. This refers to the growing trend among incumbent banks to create standalone digital banks that are as agile and innovative as the fintechs and neobanks. After considering how difficult and expensive it is proving to be for banks to break out of their legacy-infrastructure moulds, this approach makes a lot of sense.
Cloud-native technology is revolutionizing not only software development but also banking operations, as banks that have already begun employing it are finding out. Is it hype or the inevitable future of banking? Cloud native’s benefits that include fast innovation, low cost, low risk, scalability and potential for profitable niches speak for themselves, and banks would do well to listen!
Temenos Group AG, a renowned leader in the banking software industry, was originally founded in 1993 and is now established as a dominant market presence in the financial-services software sector. The company, listed on the Swiss Stock Exchange with the ticker symbol TEMN, has become renowned in the area of development of software systems tailored to the needs of retail, corporate, universal, private, Islamic, microfinance and community banks, wealth managers, and other financial institutions.