Canadian Credit Union Extends Partnership with Temenos and Harnesses the Power of Data to Drive Growth – About Your Online Magazine


GENEVA, Switzerland – () – Temenos (SIX: TEMN), the banking software company, announced today that Salmon Arm Savings and Credit Union (SASCU) has extended its longstanding relationship with Temenos, concluding an implementation of the newest Temenos Analytics functionality to boost its A growth strategy. With 20,000 members and $ 800 million in assets under management, SASCU continues to grow in size and product offering, using Temenos Analytics to deliver super personalized and seamless digital experiences to its members.

According to a recent Economist Intelligence Unit report, improving the account holder’s experience and engagement is the top strategic priority for financial institutions worldwide. SASCU is a forward-looking, community-oriented financial organization focused on providing world-class products and services for all stages of a member’s life. Recognizing the power of data, SASCU has been using Temenos Analytics to drive profitability and strategy for more than 10 years as it grows. Focused on attracting and retaining members and expanding the stock portfolio through exceptional experience, SASCU is one of the best performing credit unions in Canada.

Temenos ‘service partner, ClearSight Solutions, collaborated with Temenos to implement additional resources in the credit union to modernize the way SASCU uses data with industry-leading funds transfer pricing and costing resources based on Temenos’ activities . Leveraging the full strength of Temenos’ powerful reporting tools, SASCU can now calculate the profitability of each member and product using financial models from industry best practices to identify areas for improvement and new product development. This will allow the credit union to improve the members’ financial performance and experience.

In the past five years, visits to online banks have almost doubled. A perfect digital member experience is vital to SASCU’s member acquisition and retention goals. Temenos Analytics is agnostic about the core, allowing SASCU to run on a third-party core, break data silos and improve data accuracy, all with a single view.

Barry Delaney, president and chief financial officer, SASCU Financial Group, commented: “Our vision is to be a lifelong partner to our members – to do this, we need to make sure that we are offering them the products and services they need. The advice and experience of members is not valid for everyone. We are continually looking for new ways to do things and, for that, we need to make the most of our data. Temenos has allowed us to increase the range of products we offer in order to offer better options, value and a member-centered experience. By expanding our relationship with Temenos and implementing the enhanced functionality, we will empower our employees to better serve our members and take full advantage of the data to drive our strategy. ”

Jacqueline White, president, Americas, Temenos, said: “Financial institutions face many challenges, such as the acceleration of digital, intense competition, changes in the behavior of account holders and high operating costs. Continued investment in innovation and technology is vital to success, which is why more than 30 Canadian banks and credit unions are Temenos’ partners. As a leading provider of banking technology, Temenos allows SASCU to overcome these challenges and create hyper-personalized experiences, ensuring greater member satisfaction and increasing profits. We are delighted that, with the support of ClearSight’s valuable and in-depth technical and business knowledge, SASCU has implemented additional Temenos technology and we look forward to continuing to support the team as it continues to grow and create meaningful relationships with members. ”

Michael Zywicki, partner, ClearSight Solutions, added: “By implementing Temenos Analytics, SASCU demonstrates its understanding that modern tools and data are needed to better understand members’ activities and the value of the relationship. ClearSight is excited to be a part of this project and to see how SASCU uses the enhanced knowledge of its members to provide them with a different experience. ”

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About SASCU

SASCU Financial Group offers a wide range of personal and business financial services through SASCU Credit Union and its three lines of business, SASCU Insurance, SASCU Wealth and Commercial banking. The branches of SASCU Credit Union are in Sicamous and Sorrento, as well as two in Salmon Arm. Insurance offices are located in Salmon Arm and Enderby. Established in 1946, SASCU has more than 19,000 members, 150 employees and $ 900 million in assets. In addition, SASCU manages $ 235 million in customer investments and serves more than 5,000 insurance customers. Learn more at sascu.com.

About Temenos

Temenos AG (SIX: TEMN) is the world leader in banking software. More than 3,000 banks worldwide, including 41 of the 50 largest banks, rely on Temenos to process the daily transactions and customer interactions of more than 1.2 billion bank customers. Temenos offers front office software, central bank, payments and management of native funds and agnostics in the cloud, allowing banks to offer frictionless omnichannel customer experiences and gain operational excellence.

Temenos software is proven to enable its high-performance customers to achieve cost-profit rates of 26.8%, half the industry average and returns on equity of 29%, three times the industry average. These customers also invest 51% of their IT budget in growth and innovation versus maintenance, which is double the industry average, proving that banks’ IT investment is adding tangible value to their business. For more information please visit www.temenos.com.

About ClearSight

ClearSight Solutions is a Canadian company based in Vancouver, Canada, London, United Kingdom and San Jose, Costa Rica, whose sole purpose is to provide customers with the best experience and service they deserve.

As a Temenos partner, ClearSight provides specialized services to provide data and analytical products on-premises or cloud-based. Our mission is to work with customers throughout their data and analytics journey to get the most value from their data and analytical investments.

Paula Fonseca