Komerční banka is, reportedly, one of the largest financial institutions in the Czech Republic, providing retail, SME, corporate, and investment banking to more than 1.6 million customers. Temenos' open platform architecture simplifies and consolidates the banks' internal IT environment, helping Komerční banka to bring new products and services to the Czech market faster and at a lower cost. The agile platform is expected to help the bank keep pace with customer behaviour and rising expectations for seamless digital experiences free from legacy constraints.
The new core banking system provides 24×7 availability, a multi-entity setup, and a modular approach as an enabler for digitising its business propositions and for offering personalised and flexible products. The existing and new core banking systems will run in parallel for a certain time to ensure the transition and limit operational risks. Komerční banka intends to migrate its entire portfolio to the Temenos system.
In the first phase, Komerční banka went live with customer onboarding and deposit products with integrations to front-end and payment solutions via REST APIs and events. Embracing Temenos' open platform approach has also enabled Komerční banka to adopt industry-standard components, including an open-source relational database management system (RDMS) for Temenos Transact and deployment in Kubernetes open-source containers.
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