Canada’s Second Largest Credit Union Goes Live on Temenos
GENEVA, February 14, 2013 /PRNewswire/ –
Temenos (SIX: TEMN), the market leading provider of mission critical solutions to the
financial services industry, today announces that Coast Capital Savings Credit Union
(“Coast Capital”) has gone live with a new core banking system, TEMENOS T24, to process
approximately 450,000 transactions per day.
Coast Capital has deployed TEMENOS T24, the world’s most widely-used core banking
application, on HP servers and hardware. It replaces two systems, helping to give the bank
better operational control and a consolidated view of its business. In addition, Coast
Capital is also live on TEMENOS Insight, Temenos’ domain-specific business analytics tool,
which makes available to managers a range of desktop reports and dashboards helping to
improve decision-making. The implementation was carried out chiefly by staff from Coast
Capital and Temenos with support from Ernst & Young.
Coast Capital made the decision to replace its core systems primarily in order to
future-proof its IT infrastructure. In common with much of the financial services sector
in Canada, which has been little affected by the financial crisis of 2008, Coast Capital
has been enjoying strong, consistent growth. It has more than doubled its asset base in
the last 10 years from Canadian $5.7 billion to Canadian $11.8 billion as at December 31,
2011 and member numbers have increased to more than half a million. In light of this
growth, Coast Capital was keen to move off its legacy systems, so it could accommodate
further growth in member numbers and processing volumes, and to migrate to a modern system
with robust and proven scalability.
In addition, Coast Capital sought core system renewal to help foster innovation.
Innovation is at the heart of Coast Capital’s value system and it has a strong record of
delivering pioneering products and services, such as its highly flexible You’re the
Boss(TM) Mortgage. Through system renewal, Coast Capital believes it can create the
conditions for further innovation, as well as bring these products and services to market
Tracy Redies, president and CEO of Coast Capital Savings, said the conversion to the
T24 banking system is a significant investment in the future of the organization adding
that it will ensure the credit union has the needed technological backbone to accommodate
future growth and to further enhance its products and services to members.
“Given our rapidly growing customer base, our new banking system provides us with a
strong, flexible and robust environment that will help us continue to deliver innovative
products and services to customers across a wide range of channels, be it online, mobile
or in-branch,” Redies said. “The primary reason we chose Temenos is that it offers us a
banking system solution that is scalable and that has a built-in ability to grow with our
organization and the constantly evolving needs of our customers.”
David Arnott, Temenos CEO, added: “We are delighted that Coast Capital has entered
into live production with T24 and Insight and we look forward to supporting them through
their next phase of growth. Canada is a highly strategic market for Temenos, where we see
strong demand for our applications and where we have been making significant investments.
The benefits of our investment are becoming increasingly apparent with 29 Canadian
customers already live on our software and with Temenos having deep expertise and
knowledge in the market as well as a mature and growing partner ecosystem.”
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN
Temenos Group AG is the market leading provider of banking software systems to retail,
corporate, universal, private, Islamic, microfinance and community banks, wealth managers,
and financial institutions. Headquartered in Geneva with more than 55 offices worldwide,
Temenos software is proven in over 1,500 customer deployments in more than 125 countries
across the world. Temenos’ products provide advanced technology and rich functionality,
incorporating best practice processes that leverage Temenos’ expertise around the globe.
Temenos customers are proven to be more profitable than their peers: in the period
2008-2010, Temenos customers enjoyed on average a 30% higher return on assets, a 46%
higher return on capital and an 8.5 percentage point lower cost/income ratio than banks
running legacy applications.
For more information please visit http://www.temenos.com.
Temenos contacts: Ben Robinson Director of Strategy and Marketing Tel: +41-22-708-15-35 Email: firstname.lastname@example.org Andrew Smith Head of Investor Relations Tel: +44(0)207-423-3713 Email: email@example.com Grace Keeling Hotwire for Temenos Tel: +44(0)207-608-8362 Email: firstname.lastname@example.org