Argentina’s largest insurance company goes live with Temenos
Temenos, the banking software company, today announced that Banco del Sol has gone live with Temenos Transact, the next generation in core banking, Temenos Financial Crime Mitigation, and Temenos Analytics. Temenos’ cloud-native technology and country model bank methodology, enabled the bank to go live quickly with built-in configurations for local market requirements.
Banco del Sol is a digital bank of Sancor Seguros that aims to deliver client experiences and personalized solution for customers to better manage their finances. The bank has a network of 8,400 representatives throughout the country and a staff of 200 to support every corner of the country using technology to empower its customers. Banco del Sol aims to establish itself among retail customers, and then move into the SME space, which makes up more than 99% of Argentinian businesses and employs 70% of its workforce
Banco del Sol needed a technology partner to offer an enhanced digital experience, which has since positioned them to best support both consumers and businesses, a key strategy in the wake of the pandemic. Rapid time-to-market, and the ability to integrate and create a wider ecosystem were key to Banco del Sol’s strategy, in line with a growing trend among banks. In a recent report published by the Economist Intelligence Unit on behalf of Temenos, 45% of banking executives plan to transform their existing business models into digital ecosystems.
With Temenos’ winning combination of rich banking functionality and revolutionary cloud-native technology, Banco del Sol is positioned to scale quickly as it penetrates new markets. Temenos’ API-first technology and comprehensive analytics will enable Banco del Sol to quickly roll out innovative and personalized products and services in the public cloud. Temenos invests 20% of its revenues into research and development, ensuring that Banco del Sol and its customers will continue to benefit from leading technology and new advancements now and in the future. The implementation was supported by Temenos’ regional partner, GlobalLogic with their local Argentinian team.
Sebastián Pujato, CEO, Banco del Sol, said: “Banco del Sol will disrupt the established market and offer innovative services with the Sancor Seguros’ ecosystem group. We have a firm focus on retail customers but we will soon expand into small & medium businesses. Temenos’ trusted cloud-native core enabled us to launch our bank quickly and innovate faster at a reduced cost. We are excited to partner with Temenos that will support us in our mission and keep us competitive in an ever-evolving industry.”
Gonzalo Mezzadra Fernandez, CDO, CXO, Banco del Sol, said: “We were impressed with Temenos’ proven experience and expertise with both established banks and digital start-ups. That expertise and the company’s relentless commitment to product innovation makes us confident that they will be able to provide the technology we need to meet the highest digital experience of consumers and small business owners across Argentina. As a challenger bank, it is critical to think about how we can grow our business, and we believe we are positioned for great success.”
Enrique Ramos O’Reilly, Managing Director – Latin America & Caribbean, Temenos, said: “Temenos is excited to partner with Banco del Sol on the launch of its digital bank. We have a strong commitment to the region and to the Argentinian market, and I want to thank our local team for working so hard to make this launch a success. Temenos’ continuous investment to deliver the most powerful global banking solution with Country Model Bank methodology to support local requirements will empower Banco del Sol with the agility, speed and scalability, to reach its ambitions for growth.”