FinextraTV: The Necessity of Digital Transformation for Businesses

### Digital Transformation in the U.S. – Phil Barnett and Chuck Kim Discuss Future Plans and Impactful Trends in Payments and Cloud

Welcome to the Temenos Community Forum 2023, where Phil Barnett, President of Temenos Americas, and Chuck Kim, Executive VP & CFO of Commerce Bank, delve into the world of digital transformation, IT modernization, and future plans in the fintech industry.

At Commerce Bank, digital transformation became a necessity due to increasing competition from fintechs and other banks. Customers demanded a seamless digital experience, and Commerce Bank aimed to deliver that. By partnering with Temenos, a trusted and culturally aligned long-term partner, they were able to modernize their legacy systems and move towards more flexible, real-time payments and faster customer service.

Temenos offers large and mid-tier banks the opportunity to modernize their IT landscapes with customizable cloud solutions. They provide banks the choice between adopting full-blown SAS or a more incremental approach to cloud adoption. Additionally, compliance with US regulations is a top priority for Temenos, and their US model bank ensures that their technology, people, and processes remain aligned with regulatory requirements.

As partners, Temenos and Commerce Bank continue to focus on staying ahead of industry trends and customer needs. They have successfully implemented Temenos Transact, a system that streamlines banking operations, and are currently developing a private banking lending system to handle more complex loans. They also plan to leverage Temenos’ payment hub to enable real-time payments with the FED now system, running on the cloud for quick implementation and enhanced efficiency.

The collaboration between Temenos and Commerce Bank has allowed them to disrupt the US market with innovative solutions like real-time payments. By working together, they can stay ahead of market demands and ensure they deliver the right solutions at the right time.

Looking into the future, Chuck Kim emphasizes the importance of cloud flexibility and the impact it will have on product development and customer responsiveness. Additionally, the payment network and data analytics will play significant roles in shaping the future of the fintech industry, enabling better customer understanding and personalized experiences.

For more fintech-related news, visit [Finextra](

**Keywords/Tags:** [Finextra](, Fintech

**Video Transcript**: [Full Transcript](

*Note: The authority link “Finextra” leads to the official website of the mentioned entity and the link “Full Transcript” leads to the designated page for the full transcript of the video.*

Speaking at TCF 2023, Phil Barnett, President, Temenos Americas, Temenos, and Charles Kim, Executive VP & CFO, Commerce Bank, discuss digital transformation, IT modernization, future plans, and impactful trends in payments and cloud.

For all your fintech-related news, please visit

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