Temenos to hire 700 in India for banking product development

BANGALORE, INDIA: Geneva-based banking and financial solutions provider, Temenos has announced plans to increase its headcounts, to turn India its largest product development centre across the world. The company intends to hire 700 people over the next three years with experience and expertise in the banking and financial solutions domain mainly for product development, support and services.

The company is also looking at acquisition possibilities with innovative technology companies in the areas of UX, analytics and wealth management, which will complement and enhance its existing product range.

The India offices have been spearheading the company’s product innovation, including designing and supporting leading edge banking products such as the core-banking platform T24. In fact, Temenos, which began its India operations in 1996, is also one of the first few software companies to setup a captive development centres in India.

Whilst the support and services teams are predominantly based out of Chennai, product development work is equally divided between Bangalore and Chennai. The headcount in Chennai is around 1,500 and 700 in Bangalore. “We believe that Bengaluru operation will grow at a faster rate in future," said Temenos India Regional Director, S.P. Jayanthan. "We expect Bangalore to more than triple the strength in the next couple of years, with both the centres having roughly the same number of people."

The availability of world-class talent, emerging infrastructure and growing global market requirements make India a favourable market for growth and expansion, said Temenos CEO David Arnott.

Temenos provides banking software to 38 of the top 50 banking institutions and has 135 customers globally covering Universal, Retail, Corporate and Islamic banking as well as Wealth and Microfinance. It has also added a few leading financial companies in India also to its client bases with the the recent Multifonds acquisition.

Besides headcount, Temenos has, in the past decade, invested over $300 million, into its development centres and  will continue to do so in an increasing manner over the coming years, said Mike Davis, Client Director, Temenos.

Temenos invests 20 percent of its revenue on R&D and has a wide array of products products covers banking, business analytics, risk & compliance, payment, investment and insurance. Temenos banking solutions are also available via a cloud-based delivery model.

Temenos competes with Oracle, SAP as well as Indian financial service providers such as Infosys Finacle and TCS BaNCS, etc. but instead taking a service-based approach, invests heavily on product innovation to help the customers remain competitive and adapt to the changes faster.