Temenos (SIX: TEMN), the banking software company, today announced that BlueShore Financial has implemented additional functionality for Temenos Transact, the next generation in core banking.
BlueShore has been a client since 2007 – today the credit union leverages Temenos Transact, Temenos Analytics, and the Temenos Collections module. The enhancements will be rolled out across its business lines including retail, non-profit organizations, and SME. Temenos’ agile and fully integrated architecture enables BlueShore to quickly roll out new functionality and services.
BlueShore was the first Canadian client to implement the Temenos Canadian model bank – Temenos’ methodology for meeting local regulations and business requirements. The credit union has a solid growth strategy, with a deep focus on enhancing the client experience. To support the success of its strategy, BlueShore has continuously strengthened its digital capabilities in order to deliver a seamless high-tech, high-touch client experience. In 2019, BlueShore surpassed $6 billion assets under administration – a testament to the organization’s strategy empowered by Temenos technology. This represents an increase of 138% of assets under administration in over 8 years.
During Synergy Online, Temenos’ leading digital event on September 23rd, BlueShore will talk about how they have unlocked the power of core banking technology and data analytics, and how they’ve achieved profitable growth.
Fred Cook, CIO, BlueShore Financial, commented: “Throughout our partnership with Temenos, we have collaborated closely and our staff have seen the value of this software and proactively seek ways to use the technology to empower them to better serve our clients. The execution of this digital transformation project in conjunction with Temenos was like a finely tuned NASA mission, with everyone bringing their expertise to the table and working in sync, even in the midst of the global pandemic. The launch was seamless, and working together as one team with Temenos we were able to go live over a standard weekend. Temenos technology has helped us grow our business and our client relationships, and we look forward to continuing to find new ways to create financial wellness for our clients.”
Temenos Analytics was mission-critical in gaining business insights and differentiating BlueShore’s value proposition. Temenos core banking advanced predictive analytics have also enabled BlueShore to define customer microsegments and tailor products and services specifically to these segments using machine learning algorithms. With the additional Temenos functionality, BlueShore will benefit from open APIs, faster payments, and deeper analytical capabilities. This allows BlueShore to create an ecosystem of financial and non-financial services, provide advice and deliver increased convenience for its clients. The project also brings greater scalability and cloud-readiness as the credit union continues to grow, and as it aggregates and analyzes more data.
With Temenos Transact, BlueShore now also utilizes DevOps, automatically building and installing software in designated environments for developing and testing. In addition to reducing time and cost, DevOps modernizes the development process and enables the credit union to be more agile.
Alexa Guenoun, President, Americas and Global Head of Partners, Temenos, said: “We are proud to work together with BlueShore, a long-standing and valued customer. BlueShore is an innovative credit union, delivering hyper-personalized experiences to its members. The team understands the power of technology, and the importance of leveraging the best practices and latest technological advances. We’re delighted that they are continuing to expand their use of Temenos Transact, our cloud-native, cloud-agnostic core banking product together with our analytics. Temenos brings together industry-leading technology, global expertise, and a deep understanding of financial services in North America. By continuing to modernize its systems with Temenos, BlueShore ensures that it can navigate any new development that comes its way, find innovative ways to serve members, and drive change in the Canadian financial services industry.”