Banking

Eurobank doubles down on Temenos with new wealth management system

Greece-based Eurobank has topped up its batch of Temenos software by selecting the vendor’s wealth management platform.

Eurobank and Temenos are working on a wholesale digital change

The bank has picked Temenos Wealth to strengthen its position in wealth management and affluent segment services.

Eurobank, the third largest bank in Greece, is deploying Temenos Wealth to create a “fully digital investment portfolio management service”.

Temenos says the bank’s in-development robo-advisor app lets customers create or adjust a desired portfolio, based on personalised criteria such as risk tolerance.

Eurobank is implementing Temenos Wealth in two phases. The first is the new robo-advisor platform, followed by a deployment across all investment portfolio services, including execution.

The Greek bank kicked off an overhaul of its front-to-back infrastructure with Temenos in June 2019. It is in the process of installing Temenos’ Transact and T24 Infinity suites.

Part of that initial deal also included the selection of Temenos Wealth for its Cyprus and Luxembourg divisions.

Single platform aims

Stavros Ioannou, Eurobank’s deputy CEO and group chief COO, says the firm selected Temenos to unify its investment portfolio operations “on a single, modern technology platform”.

He adds: “We are working intensively and at all levels towards completing our digital transformation, constantly upgrading our systems, structures and services.

“We believe that this new agreement and Temenos’ expertise will enable us to provide new, functional solutions to our customers.”

Eurobank Group operates across Greece, Cyprus, Luxembourg, Serbia, Bulgaria and the UK. It holds more than €58 billion in assets and operates 653 branches.

David Macdonald, Temenos president for Europe, says Eurobank can now create “enticing front office experiences while achieving back office efficiency with a high degree of automation”.

He adds: “This capability is essential to provide the services that customers expect at attractive price points, helping Eurobank gain new customers and prepare for the future.”

Related: Alpha Bank appoints new COO in Stefanos Mytilineos


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