Geneva-based banking software company Temenos announced on Thursday that Eurobank has selected Temenos Wealth to strengthen its position in wealth management and affluent segment services.
Eurobank, the third largest bank in Greece, will use Temenos Wealth to create a fully digital investment portfolio management service offering robo-adviser and goal-based investing apps to target the mass affluent and affluent market. These growing market segments want personalized offerings and are used to convenience through digital channels.
With the Temenos solution, Eurobank combines an efficient back-office and product-building engine with modern omnichannel customer experiences powered by AI to meet the segments’ high expectations. The new robo-adviser app will allow Eurobank’s customers to create or adjust a desired portfolio, based on personalized criteria such as risk tolerance, target dates and asset size, by themselves or with an adviser. The solution manages the investments automatically in line with the target allocation model.
Goal-based investing will enable Eurobank’s customers to define specific financial goals, such as a holiday home purchase or retirement, view simulation results illustrating how they can achieve those goals, and then put the investment plan into action.
Eurobank will implement Temenos Wealth in two phases. Firstly, to bring to market the new robo-adviser service, and, secondly, to deploy Temenos Wealth for all investment portfolio services, including execution, advisory and discretionary services for clients in Greece.
Concurrently, the bank will replace its middle and back-office systems with Temenos Transact, adopting Temenos’ Europe Model Bank approach that incorporates local functionality to accelerate implementation and Markets in Financial Instruments Directive (MiFID) compliance purposes.