Intelligent CIO Europe Issue 54 | Page 76

BANKS ARE READY TO BREAK FREE FROM THE LEGACY CORE BANKING SYSTEMS THAT HAVE INHIBITED INNOVATION . on increasing AI-based self-service automation and 64 % invested in infrastructure upgrades .
INDUSTRY WATCH integrating with cloud-native services ( 40 %). Additionally , with a large majority ( 83 %) agreeing that moving applications to a new environment can be time-consuming and costly , it ’ s expected that the adoption of containers will rise in step with multi-cloud deployments to enable apps to run and move nearly anywhere quickly and easily . Among financial services respondents , 86 % said that containers will be important to their organisations within the next year .
• Top financial services . IT priorities for the next 12-18 months include improving security posture ( 54 %), improving multi-cloud management ( 49 %) and developing and / or implementing cloudnative technologies ( 47 %). When asked what their organisations had done differently because of the pandemic , 70 % said they had increased spending to strengthen their security posture , 64 % spent more

BANKS ARE READY TO BREAK FREE FROM THE LEGACY CORE BANKING SYSTEMS THAT HAVE INHIBITED INNOVATION . on increasing AI-based self-service automation and 64 % invested in infrastructure upgrades .

An example of a bank achieving record growth as a result of cloud technology is Italian digital bank , Flowe .
The digital bank of Banco Mediolanum revealed it has reached a major milestone with 700,000 accounts in its first 18 months since its launch . With Temenos , the cloud banking platform , Flowe is growing twice as fast as its nearest competitor . It received 150,000 new sign-ups in one week with peaks of 30,000 new customers per day .
Flowe offers digital services at scale , paving the way for future profitability and bringing sustainable banking to over 60 million Italians . Supported by Temenos cloud technology , Flowe is the first bank in Italy to be certified as a B-Corp and become carbon-neutral .
“ We chose Temenos Banking Cloud because it enabled us to go live fast , scale massively and provide a seamless onboarding experience to our customers ,” said Ivan Mazzoleni , Chief Executive Officer , Flowe . “ With Temenos , we ’ ve been able to bring new products to market quickly and offer truly personalised experiences in line with our sustainable mission . Supported by Temenos Banking Cloud , we can grow sustainably , passing on benefits to customers for a cleaner , greener planet and a better society .”
Max Chuard , Chief Executive Officer , Temenos , said : “ Digital innovation in banking is thriving in Italy and it ’ s an important market for Temenos where we have a strong and growing presence . Banks are ready to break free from the legacy core banking systems that have inhibited innovation , whereas new digital entrants are coming to the market . Flowe ’ s success shows that Temenos open platform for composable banking can help Italian banks provide highly-differentiated , sustainable banking experiences at scale . Congratulations to the team for demonstrating that a powerful mission combined with leading technology can change the face of banking .”
Cloud adoption has accelerated since the pandemic . A recent Economist Intelligence Unit report supported by Temenos finds that more than seven in 10 banking respondents state that incorporating the cloud into their organisation ’ s products and services will help them achieve their business priorities . Challenger banks specifically look for agility , scale and easily composable banking services that allow them to assemble best-ofbreed providers into an open ecosystem . p
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