Leading South Africa Microfinance Institution, Barko Goes Live on Temenos SaaS in Under 6 Months to Deliver Finance Faster
Temenos SaaS provides launch-pad for Barko Financial Services to challenge incumbents with new retail banking services that are fast, efficient, and competitive
Our SaaS and cloud-native technology enable BFS to increase dramatically the speed, efficiency, and agility of its banking operations
With Temenos technology Barko Financial Services is helping 1.5 million South Africans access finance fast, in less than 4½ minutes, without visiting a branch; Using Temenos Infinity, BFS was able to reimagine the customer experience, designing and building a new lending service within 12 weeks, completing all customer trials and tests, and launching a final product just three months later; Temenos SaaS provides launch-pad for BFS to challenge incumbents with new retail banking services that are fast, efficient, and competitive.
Temenos (SIX: TEMN) (www.Temenos.com), the banking software company, today announced that Barko Financial Services (BFS), a leading microfinance institution in South Africa, has gone live on Temenos Software-as-a-Service to make it faster and easier for South Africans to access finance remotely during Covid-19. The Temenos solution combines Temenos Infinity digital banking platform and Temenos Transact next-generation core banking. BFS can now originate loans for customers via mobile, without them ever having to visit the branch, in just 4½ minutes.
Pre-pandemic, BFS issued around 1.5 million loans a year through its network of more than 190 branches to support everyday South Africans coping with financial hardship, often those on low incomes. With lockdown restrictions due to Covid-19, BFS needed a new way to help its customers access the finance they need.
Using Temenos Infinity, BFS was able to reimagine the customer experience, designing and building a new lending service within 12 weeks, completing all customer trials and tests, and launching a final product just three months later. BFS processes more than 125,000 loans per month and with Temenos, its customers can now apply securely via their mobile and receive loan funding almost instantly.
With its digital banking platform delivered by Temenos as a service, BFS can focus on its core business and devote capital and resources to better banking solutions. BFS is in process applying for a banking license and has ambitions to go beyond microfinance with a range of banking services aimed at the underserved and unbanked. With out-of-the-box banking solutions, Temenos SaaS provides the perfect launch pad for BFS to challenge the incumbent banks with new retail banking services that are fast, efficient, and competitive.
Kobus de Wet, Chief Executive Officer, Barko Financial Services, said: "While the pandemic has increased our service demand, it has impacted our physical operations and customer access to our branches. With Temenos Infinity, we can offer a personalized and digital lending service that gives our customers instant access to the funds they need when they need them without visiting a branch. Our ambition is to provide more banking products. With Temenos SaaS, we will be able to launch new capabilities faster and provide innovative products which are simple to use and tailored to add value to our target customers."
Jean-Paul Mergeai, President - APAC and MEA, Temenos, commented: "Temenos is proud to partner with Barko Financial Services to make banking better for everyday South Africans. Our SaaS and cloud-native technology enable BFS to increase dramatically the speed, efficiency, and agility of its banking operations. This end-to-end platform modernization with Temenos will help BFS elevate customers' experience and grow its business sustainably. Temenos is the world number one banking software company. With a strong presence in South Africa, we have been able to ensure a smooth implementation as well as provide valued expertise to support BFS in their journey to expand their banking proposition."
Distributed by APO Group on behalf of Temenos.
Jessica Wolfe & Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
Email : firstname.lastname@example.org
Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.