DXC Technology (NYSE: DXC) today announced that it has signed a strategic agreement with Temenos (SIX: TEMN), the banking software company to accelerate the digital transformation strategy for DXC’s large bank customers. The expanded partnership brings together the extensive cloud hosting, implementation and integration strengths of DXC with the power of Temenos industry leading banking software. The two companies will jointly offer large bank customers the optimal modernization approach to address competitive, regulatory, cost and innovation drivers.
Many large banks are having to contend with complex legacy technology stacks that can include multiple core capabilities, disparate systems and product silos. These banks are embarking on transformation projects to compete with fintechs and neobanks, whose agility allows them to rapidly launch differentiated products and attract new customers. DXC and Temenos are paving the transformation journey by empowering the banks to compete with challengers by quickly adapting their business models and offering differentiated services to their customers.
With the combined strengths of DXC and Temenos, customers can adopt a modern core banking solution, confident in their migration success and benefits of adopting a fully hosted and resilient solution.
Dmitry Loschinin, Executive Vice President, DXC Luxoft Analytics & Engineering: “We are excited to strengthen our collaboration with Temenos, the market-leading, cloud-native, banking-technology provider. Core IT systems play a central role in helping banks innovate and deliver next-generation banking services to their customers. And like any major IT transformation, this kind of enterprise-level change needs to be undertaken with the right partners. Together with Temenos, DXC’s world-class professional services and deep banking expertise will empower banking customers to begin their IT modernization journey, focusing on their core business strengths while we address the implementation.”
Max Chuard, Chief Executive Officer, Temenos said: “We are delighted to announce this strategic agreement with DXC, a proven partner for delivering strategic transformation of complex, mission-critical IT systems for financial services firms. This joint go-to-market strategy with DXC is a new channel to market for Temenos, which will accelerate our penetration in the large banks segment, notably with the U.S. market, representing approximately 60% of the total third-party market spend. Together, we seek to help larger banks with complex, legacy IT architectures break down silos, reduce IT complexity and costs, and gain greater speed to market. We can help DXC’s customers accelerate their business transformation and provide outstanding customer experiences.”
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About DXC Technology
DXC Technology (NYSE: DXC) helps global companies run their mission critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. With decades of driving innovation, the world’s largest companies trust DXC to deploy the Enterprise Technology Stack to deliver new levels of performance, competitiveness and customer experiences. Learn more about the DXC story and our focus on people, customers and operational execution at www.dxc.technology.
Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
For more information, please visit www.temenos.com.