Šiaulių Bankas, Lithuania’s largest independently-owned bank, is embarking on a significant digital transformation by partnering with Temenos for its core banking modernization. Opting for Temenos’ Software-as-a-Service (SaaS) solution, the bank plans to migrate its retail and corporate banking, including trade finance, to the Temenos Banking Cloud. This strategic move follows the merger of its retail business with Invalda INVL and aims to support the bank’s ambition to double its customer base to 1 million by 2029.
Modernizing Banking in the Cloud
The transition to Temenos SaaS will enable Šiaulių Bankas to leverage modern, cloud-native architecture and composable banking services, enhancing its business agility and enabling faster market access while maintaining high compliance and risk management standards. The core banking solution will encompass capabilities for product and pricing, data and analytics, account servicing, deposits, SME loans, and anti-money laundering (AML) measures.
This initiative represents Šiaulių Bankas’s commitment to employing next-generation technology to deliver exceptional customer services and experiences. By partnering with Temenos, a trusted SaaS provider for hundreds of banks, Šiaulių Bankas looks forward to benefiting from a broad set of composable banking capabilities. This platform aims to not only speed up the delivery of new solutions but also reduce operational costs compared to maintaining legacy systems.
A Strategic Win for Temenos
The partnership marks Temenos’ first client in Lithuania and is seen as a significant strategic win. It demonstrates the trust in its SaaS offerings among regulated traditional banks in Europe. This collaboration is expected to set a precedent for other traditional banks considering a shift to SaaS to enhance their competitiveness and innovation.
