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Temenos, a world’s leader in banking software, has announced the establishment of a think tank, called “Bank of the Future,” in South Africa. The initiative is designed to bring together, on a quarterly basis, some of the brightest minds in the South African banking sector to address domestic and global challenges and opportunities facing financial institutions in the country

Founded in 1993 and specialising in enterprise software for banks and financial services, Temenos said on Wednesday that the inaugural think-tank gathering will take place at the Equinox Leadership & Innovation Centre in Johannesburg on November 22. The series will begin with a discussion on the concept of banks becoming digital to the core. The event will be facilitated by John Schlesinger, Chief Enterprise Architect for Temenos.

Over 60 experts from 30 banks and financial institutions are expected to take part in this initiative over the coming year, creating and sharing knowledge on the opportunities and challenges of today’s banking environment.

"An important part of what we do at Temenos is to create and foster a community within the banking and fintech ecosystem,” Jean-Paul Mergeai, Managing Director Middle East & Africa at Temenos, said. “Our industry is facing structural changes right now in terms of customer expectations, regulatory requirements, new entrants as well as a genuine technological revolution. Through this think-tank, we are creating a forum where leading bankers from South Africa can come together to share knowledge and address the challenges and opportunities they face on a day-to-day basis.”

The Geneva-based company said it will release a series of short videos as well as a report from the event series by the end of 2019, along with proprietary data from Temenos to provide an in-depth look at banking in South Africa.

The company provides solutions to over 3,000 firms across the globe, including 41 of the top 50 banks, and processes more than 500 million banking customers every day. The company won the Best Digital Banking Solution at the 2018 East African Banking Awards, as well as Best Islamic Banking and Finance Software Solution at the World Finance Islamic Finance Awards 2018.