Temenos, the wealth management technology firm, has
published a white paper with the title Progressive
renovation for core banking system modernisation, explaining that the
banking industry faces a “perfect storm” of change.

“Regulation is being tightened, customer loyalty is
diminished, competition is becoming more intense and there is a revolution in
mobile technology. Large retail banks stuck on branch accounting are operating
at high cost, high complexity and low flexibility and this is unsustainable in
the light of these structural headwinds,” Temenos said in its report.