Temenos capabilities: Delivering innovative digital banking services

Implementing Temenos capabilities to deliver innovative and intuitive digital banking services for a leading bank in Peru

the story

The United Nations has identified financial inclusion as a key enabler in reducing poverty and increasing shared prosperity in Latin America. The region's demographics and technology soon created new markets for financial services in segments that traditional banks had long ignored.

As one of the most prominent players in Peru's financial system, our client acts as a central and retail bank, managing state accounts, foreign trade, and debt. It collects taxes, makes payments on behalf of the Ministry of Economy and Finance, and runs several programs to support financial development and improve the quality of life for Peruvians.

During the pandemic, the bank wanted to implement a payment strategy to distribute the state grant of Yanapay funds to low-income households. The bank used one of its services – the DNI account (named after Peru's official term for citizen identification numbers) – to allow users to receive virtual payments from Yanapay.

However, in the long run, the bank wanted to make the DNI account more flexible for a broader range of cutting-edge banking services, such as money transfers between banks, withdrawals at correspondent agents, and payments for services.

With this vision in mind, our client wanted to quickly build, test, and deploy a new agile core banking environment with an intuitive customer experience - that can encourage Peruvian citizens to adopt digital banking. They analyzed several market leaders before settling on Temenos (the technology platform) and Nagarro (the technology-implementing partner).

Nagarro combined the power of Temenos technology with their deep financial industry expertise to rethink digital banking services and enable financial inclusion, bringing banking services closer to citizens - regardless of socioeconomic status or geography.

the challenge

The transition required moving away from a mainframe-based architecture and toward an agile, high-performance technological platform based on cloud computing technology.

the solution

We created a digital banking ecosystem by integrating their systems with those of ten other vendors. This ecosystem was created using a variety of Temenos solutions that ran on the cloud.

the outcome

Key achievements:

The bank opened 2.16 million DNI accounts in the first six weeks, with daily enrollments reaching more than 89,000
DNI account holders now get responses in less than one millisecond with virtually no errors when checking their accounts (even during the busiest times of the day)
Customers now activate digital accounts in about 5 minutes, which is 90% faster than the previous core platform
The bank opened 13 million DNI accounts in 2022.

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