Canada's Second Largest Credit Union Goes Live on Temenos
Vancouver-based Coast Capital Savings Credit Union switches over to TEMENOS
T24 to support growth and drive innovation
GENEVA, February 14, 2013
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™ 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 quicker.
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.
Director of Strategy and Marketing
Head of Investor Relations
Hotwire for Temenos
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