- For a bank to be successful, it is now mandatory to meet the environmental, social, and governance (ESG) standards, according to Ramki Ramakrishnan, APAC Managing Director for Temenos.
- Utilizing cloud computing can help companies move in the right direction towards fulfilling their responsibilities towards the environment.
- Integrating ESG measures is not just about ethical considerations; it also has a significant impact on a bank’s financial performance and success.
- Temenos has been at the forefront of cloud evolution due to its strategic partnership with the Monetary Authority of Singapore (MAS).
In an interview at Singapore Fintech Festival 2023, Ramki Ramakrishnan, the APAC Managing Director for Temenos, stressed the importance of a bank’s responsibility towards the environment, stating that adhering to ESG practices is now a prerequisite for success in the banking sector. This includes taking initiatives to combat environmental issues and incorporating sustainable practices into business operations. Ramakrishnan also suggested that one way companies can work towards this objective is by leveraging cloud computing.
The growing focus on ESG measures transcends mere ethical considerations. It significantly impacts a bank’s financial performance as well. According to Ramakrishnan, ESG has become a critical element in determining a bank’s success and ability to attract and retain investors.
Discussing the role of Temenos in the adoption of cloud computing, Ramakrishnan pointed out that the company has been at the forefront of cloud evolution, thanks to its partnership with MAS. He stated that the Singapore regulator has a highly progressive view towards cloud computing, helping Temenos maintain its lead in this domain.
In conclusion, the integration of ESG practices into a bank’s operations and business model presents both opportunities and challenges. However, as Ramakrishnan points out, it is now an unavoidable aspect of banking success. By efficiently leveraging technology, such as cloud computing, banks can take significant strides in meeting their ESG obligations, ultimately leading to enhanced financial performance and long-term success.
