Šiaulių Bankas will transfer its retail and corporate banking, including trade finance, to Temenos Banking Cloud, supporting the bank's expanding business requirements with enhanced flexibility and resilience.
The transition to Temenos core banking software-as-a-service (SaaS) forms part of a strategic overhaul at Šiaulių Bankas following the amalgamation of its retail operations with Invalda INVL. As a leader in SME and mid-cap enterprise financing in Lithuania and under the joint supervision of the Bank of Lithuania and the European Central Bank, Šiaulių Bankas aims to double its business customers and private clients to reach 1 million customers by 2029, powered by Temenos SaaS.
Temenos SaaS empowers Šiaulių Bankas to capitalise on modern, cloud-native architecture and modular banking services to enhance business agility, reduce time to market, and maintain the highest standards of compliance and risk management through a trusted, secure, and continuously updated service.
The core banking solution encompasses Temenos banking functionalities for Product and Pricing, Data and Analytics, Servicing of Accounts, Deposits and SME Loans, as well as Anti Money Laundering (AML). On Temenos Banking Cloud, Šiaulių Bankas benefits from regular updates, cutting-edge security measures, resilience, and high-performance Service Level Agreements.
According to the Temenos Value Benchmark, an industry-leading benchmark of 146 banks globally across all segments, Temenos core banking clients leveraging its modern banking platform experience a 24% higher growth and innovation share of their IT spend. Šiaulių Bankas participated in Temenos' benchmark to optimise its technology investments for driving business value.
Representatives of Šiaulių Bankas emphasize the importance of adopting a modern technology platform to support the bank's ambitious growth strategy. By partnering with Temenos, a well-known provider of Software as a Service (SaaS) solutions for banks, they aim to leverage Temenos' expertise and modular banking capabilities. This collaboration is expected to enable the bank to adapt quickly to changing customer demands and deliver exceptional services.
Temenos, on the other hand, highlights the increasing trend of traditional banks in Europe adopting SaaS solutions, not just fintech startups. They expressed satisfaction in welcoming Šiaulių Bankas as Temenos' first client in Lithuania, emphasizing the significance of this partnership given the bank's status as a major systemic institution directly regulated by the European Central Bank (ECB). With Temenos Banking Cloud, Šiaulių Bankas is positioned to introduce new solutions faster while reducing operational costs compared to maintaining outdated legacy systems.
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