The Dutch bank rolled out the Switzerland-based financial services software provider’s WealthSuite, a digital banking platform. ABN AMRO will use Temenos’ WealthSuite to support international operations in corporate and private banking.
ABN AMRO’s Belgian offices will be the first to implement WealthSuite, with ABN slating in two more countries over the next few years. The introduction of the suite is set to help the banks reduce IT costs and improve its cost/income ratio, according to a Temenos press release.
Global IT services company Cognizant is assisting with system integration.
Friso Westra, who heads IT development core banking international at ABN, states that they went with Temenos because they wanted to “future proof” their private bank. He further indicated that:
“This is a big step for ABN AMRO in harmonizing our IT infrastructure and speeding up digitization. We run our corporate and part of our private banking operations now from one single digital platform. We expect IT costs savings and efficiencies from the standardization of processes and products. With Temenos WealthSuite we are confident of achieving our ambition in offering the most innovative wealth management products and services in the industry.”
ABN has been a customer of Temenos for over a decade.
Temenos’ CEO, Max Chuard, calls ABN AMRO, “one of the . . . most innovative banks in Europe,” and that the implementation will give ABN a sole banking platform where they can, “benefit from massive economies of scale, reduced IT operational costs and personalized customer experience”. He also highlights that the platform can handle traditional and digital processes and that the cloud-native offering with cutting edge API software allows ABN to “drastically reduce transformation time and cost.”
ABN also recently released a feature in its banking app allowing customers to view accounts from other banks. However, at the time of writing, since the functioning of the PSD2-fuelled move relies on the cooperation of other parties, Rabobank is the only bank where ABN customers can view accounts. Rabobank launched the API for this feature earlier in June. Other banks in the Netherlands are expected to open up shortly.