The document discusses the future of core banking services, emphasizing the capabilities of Temenos T24 in supporting banks to accept deposits, issue loans, and manage customer accounts with advanced technology. It highlights the role of Maveric Systems in providing implementation and integration services to optimize the use of Temenos' cloud-enabled technologies. Key trends include the importance of real-time data monitoring for risk management, reducing debt defaults, and modernizing payment processing systems.

1. T24 Core Banking Software in Future
The core banking services of a bank include accepting deposits and issuing loans, the control of
monetary transactions, preserving account and account holder information, utilizing a database
to connect all accounts and account holders, maintaining its own fixed and variable accounts
costs, and enabling routine maintenance, such as opening and closing accounts, and calculating
interest.

2. Temenos T24 – Industry-wide, the 360-degree coverage
Temenos is the industry’s top supplier of banking software systems to community and retail
banks as well as corporate, universal, private, and Islamic banks. A popular core banking system
offers institutions in over 120 countries, ranging from local community banks to large retail
banks with over 15 million accounts, a technologically cutting-edge, SOA-based front-to-back
platform1.
Temenos has an open-minded point of view. According to the industry, FIs must be open to
becoming fully digital, and Temenos can help with this shift.
After all, today, cutting-edge design and implementation solutions enhance service quality, lower
operational costs, and improve customer experience. Additionally, while successfully managing
risk and regulatory compliance, banks can lower TCO, increase efficiency, and maintain flexibility.
That is the power of a modern core banking system.

3. In addition to Core Banking Systems, there are more solutions to
make banks future-proof.
For banks to fully utilize Temenos’ potent cloud-enabled and cloud-agnostic technology, tenured
banking technology partners like Maveric systems offer an end-to-end portfolio of
implementation and integration services across all Temenos products. From developing a
modernization strategy and roadmap to establishing a business scope, creating a business case,
and building the desired operating model, leading banks need to think through the services for
data migration, updates, testing, training, and maintenance.
Post-pandemic use cases enabled by Temenos T24.
1. Alert notifications: Today, FIs must invest in early-warning technology that actively recognizes
and manages customers with a high forecasted risk of going into default or into arrears, including
those who are presently performing or who have just recently become past due.
2. Reducing debt defaults: These systems alert users when a customer’s financial status is likely
to worsen using internal and external data and Temenos’ XAI predictive modeling. This enables
banks to contact customers early in the loan lifecycle. Banks can thereby lower their risk of
default and write-offs.
3. Payments as a service: Supporting the modernization of multi-jurisdictional payments
networks’ payment processing capabilities means that banks must develop real-time processing
with active monitoring, efficiently adhere to data and standards based on ISO2022, that cut
down on time-to-market and lower the risk of deployment and operation.

4. Conclusion
Be it harnessing real-time consumer information, expanding scalability, lowering total costs of
ownership, or future-proofing a bank’s digital operations, Banks need to start making changes
for the upcoming decade due to emerging technologies, changing consumer expectations, and
the changing conditions of our globe.
About Maveric Systems
Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with
global banks to solve business challenges through emerging technology. 3000+ tech experts use
proven frameworks to empower our customers to navigate a rapidly changing environment,
enabling sharper definitions of their goals and measures to achieve them.
Across retail, corporate & wealth management, Maveric Systems accelerates digital
transformation through native banking domain expertise, a customer-intimacy-led delivery
model, and a vibrant leadership supported by a culture of ownership.
With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric
Systems teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai,
Dubai, London, Poland, Riyadh, and Singapore.
Original Source: https://maveric-systems.com/blog/t24-core-banking-software-in-future/