Swiss private banking group Julius Baer has selected Temenos as its global partner for modernization of IT infrastructure.

The programme will begin with core system replacement, with Temenos’ T24 platform to be used as the hub for the bank’s operations in Asia.

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Thereafter, it is envisaged that Julius Baer will progressively modernise its systems across the front and back-office. The scope of the programme will be global.

The implementation of Temenos’ solutions will, in the primary stage, modernise the Group’s current operations in Asia.

A later phase is likely to comprise core banking replacement across multiple additional sites, including Europe, as well as solutions to develop the next generation multi-channel private wealth solution.

The goal of the modernisation programme is to improve the bank´s clients’ service experience, to increase operational efficiency and to become more agile.

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Temenos CEO David Arnott said, "The private wealth industry is undergoing a major structural shift. Regulatory burdens are rising at the same time as customer expectations are changing, driven by younger and more technically-savvy consumers.

"Julius Baer has the right strategy: to build a scalable, highly-automated IT platform for back-office operations with decoupled, cutting edge front-office capabilities that enable it to build rich, interactive and personalised experience across customers’ preferred channels. Temenos is able to provide these capabilities which, together with our advanced enterprise architecture and our ability to offer progressive renovation, proved the key factors for selection."