Temenos forges ahead with ‘bold’ modernization, paving the way for financial services transformation

Not too long ago, the accepted financial services data management configuration was an on-premises Oracle relational database. But modern cloud database vendors offer secure and fast support across multiple documents and multi-collection transactions, giving banks and other financial institutions no excuse not to move to the cloud.

Many choose to “lift and move” their data into the cloud. It seems like a safe and practical decision, and for some companies, it is. Others, however, find out the hard way that they just moved their issues with their data.

“When they move everything to the cloud and it was bad before, it won’t be better in the cloud just because it’s in someone else’s data center,” said Boris Bialek (pictured , left), global head of industry solutions at MongoDB Inc.

Bialek and Tony Coleman (pictured, right), Chief Technology Officer of Temenos AG, spoke with theCUBE industry analyst Dave Vellante at MongoDB World, during an exclusive broadcast on theCUBE, the broadcast studio live from SiliconANGLE Media. They explained how Temenos is disrupting the financial services industry and why the combination of cloud-native managed services from AWS and MongoDB Atlas is their secret to lightning-fast transaction processing. (*Disclosure below.)

Lifting and moving can be a pain and no gain

The financial services industry tends to be conservative when it comes to digital transformation. This is because it is highly regulated or, as Coleman puts it, “security, transactionality, atomicity; the whole shebang. Your worst possible nightmare is Monday morning for us.

But while compliance and security are essential, caution is not the best policy if it means skipping infrastructure upgrades.

“While it might be counterintuitive, I think being ambitious and bold is a better way to go,” he said. “Look at it holistically. Examine the end state, then find a practical way to deliver value to the business and your customers. »

The Temenos Banking Cloud platform is used by 41 of the world’s top 50 banks, with 1.2 billion people relying on the company’s terminal software for their banking and financial needs, according to Coleman. The company recently conducted a deep sea benchmark test using AWS native cloud management services and the MongoDB Atlas cloud database service. With 200 million accounts and 100 million customers, the test returned figures of 102,875 transactions per second.

“Which is a phenomenal number,” Coleman said. “That means our throughput per core, which is a very good measure of efficiency, is up to four times what we were doing three years ago.”

The difference is due to Temenos’ modernization efforts, including “application changes, architect changes, as well as getting the right technology in the right place,” Coleman said.

The result is that Temenos uses 20% less infrastructure to double performance, resulting in cost savings and a significant reduction in the company’s environmental footprint.

“Before it was a mainframe, and now it’s a small instance on AWS,” Bialek concluded.

Here’s the full video interview, some of SiliconANGLE and theCUBE’s coverage of the MongoDB World an event:

(*Disclosure: TheCUBE is a paid media partner for the MongoDB World NYC event. Neither MongoDB Inc., the sponsor of theCUBE event coverage, nor other sponsors have editorial control over the content of theCUBE or SiliconANGLE.)

Photo: SiliconANGLE

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