Published on November 9, 2023, 6:57 am
Shanghai Commercial & Savings Bank (SCSB) in Taiwan is set to replace its core legacy system with a more efficient solution that can handle multiple entities and lines of business on a single banking platform. To achieve this, SCSB has chosen Temenos and IBM Consulting to deploy the Temenos open platform for composable banking.
By adopting the Temenos core banking, payment, and data lake functionality, SCSB will be able to support retail, corporate, trade, and treasury banking. This includes offshore and domestic deposit and remittance businesses. Consolidating on the Temenos platform will not only reduce IT operational costs but also improve SCSB’s cost-income ratio through automation. It will simplify processes and streamline both IT and business operations.
According to SCSB President Alex Lin, the decision to replace their legacy core system was driven by the need for innovation and improvement in order to meet customers’ evolving needs. With disruptive technologies transforming the industry at a fast pace, sticking with an outdated core system was holding them back.
SCSB is known as a pioneer in digital banking, being the first bank in Taiwan to utilize blockchain accountant confirmation. By leveraging Temenos’ open platform and composable banking architecture, they aim to accelerate their digital transformation journey. This will enable the bank to quickly integrate fintech solutions, embrace open APIs and DevOps practices, and ultimately provide customers with convenient, secure, and diverse digital banking products and services.
As part of this transformation project, SCSB will also adopt Temenos country model banks for China and Hong Kong. This approach simplifies implementation while keeping costs under control.
Through their partnership with Temenos and IBM Consulting, SCSB expects to transition to a modern technology platform that empowers them to build customized digital financial products swiftly. They believe this shift towards agile and flexible operations will drive scalable efficiency while positioning them to seize new opportunities in an ever-changing world.
Temenos and IBM have a longstanding history of assisting financial institutions worldwide in deploying next-generation banking technology, reducing costs, and capitalizing on emerging areas of profitability. In fact, the collaboration between the two companies has expanded recently, leveraging IBM Consulting and Technology alongside the Temenos open platform for composable banking. This strategic move aims to accelerate clients’ digital transformation journeys while minimizing risk during their transition to the hybrid cloud.
Philip Barnett, President of Strategic Growth at Temenos, emphasized how their enhanced collaboration with IBM is crucial in helping banks like SCSB fast-track their shift to the cloud. They want to ensure that these institutions can fully benefit from a modern cloud-native banking platform.
Hong Wu, General Manager at IBM Consulting, IBM Taiwan, expressed excitement about taking their longstanding partnership with SCSB to the next level. He sees this as an opportunity to accelerate SCSB’s transition towards an open hybrid cloud architecture, which is a vital aspect of this core banking modernization project. Together with Temenos, they are confident in their ability to help SCSB unlock the full potential of its digital transformation journey.
With its commitment to evolve and keep up with industry trends, SCSB is laying the foundation for a future-ready banking environment that delivers enhanced customer experiences. The replacement of its legacy core system signals its determination to embrace technological advancements and maintain its position as a leading bank in Taiwan.