Swiss banking software company Temenos has bolstered its retail banking portfolio by adding wealth management apps.

The addition includes introduction of robo-adviser and goal-based investment apps into its cloud-based Temenos Infinity for Retail Banking offering.

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The move will enable Temenos’ retail banking clients to offer investment services. On the other hand, retail consumers can now access low-cost investing tools, noted the software firm.

The newly introduced robo-adviser enables banking customers to create and maintain a portfolio depending on their unique requirements.

Goal-Based Investing allows the customers to define specific financial goals and receive insights to achieve them.

The wealth apps for Temenos Infinity comes pre-integrated with Temenos T24 Transact or can be combined with any core banking platform.

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Temenos Digital product director Darryl Proctor said: “By expanding Temenos Infinity for Retail Banking with Robo-Advisor and Goal-Based Investing, retail banks can offer personalised wealth management products and services to their customers from a single platform, alongside other banking services.

“This will enable them to address the growing segment of next-generation investors, who are looking to make informed investment decisions and achieve their financial objectives in line with their life events.

“This means increased revenue opportunities from attracting new customers and increased profitability and customer retention from existing customers.”

The development comes at a time when prominent private bankers are focusing on less-affluent customers. Recently, UBS and Goldman Sachs reported that they are planning to expand wealth management services to include customers with limited investable assets.

Earlier this month, Canada’s CWB Financial Group partnered with Temenos to improve its digital banking capabilities.