Canadian Tire Bank (CTB) is one of the largest card issuers in Canada, with more than 2 million customers, over $6B in receivables, and was recently ranked second in JD Power’s Canada Credit Card Satisfaction Study. Canadian Tire Bank has a digital-first strategy to enhance customer acquisition, loyalty and engagement. In 2022, CTB selected Temenos open platform for composable banking to replace its legacy systems and focus on launching a new set of digital-only offerings.
“Our plan for growth and customer engagement centers around best-in-class digital experiences and innovative products and services. The move to Temenos Banking Cloud will accelerate our digital transformation to advance our digital banking capabilities in service of further integration across Canadian Tire Corporation’s retail brands and its millions of active loyalty members. We will be well-positioned to offer a truly differentiated banking experience for our customers and fulfil our Brand Purpose of Making Life in Canada Better.”Aayaz Pira, President, Canadian Tire Financial Services and CEO at Canadian Tire Bank
With Temenos’ open platform, CTB will advance its digital banking capabilities and further integration across Canadian Tire Corporation’s (CTC) retail brands and 11 million active loyalty members, leveraging physical and digital assets to capture the value of its channels. The new banking platform is part of CTC’s Better Connected strategic growth plan to invest in its omnichannel customer experience. Temenos has already started working with the Bank to streamline digital account opening, enhance digital banking features, and extend Canadian Tire Bank’s existing Buy Now Pay Later capability for financing loyalty member spend.
“CTC’s plan for growth and customer engagement is hinged on the continued creation of best-in-class digital experiences and innovative products and services. By investing in Temenos open platform, we will enhance our core banking system to create a modern, cloud-native, digital-first platform supporting our transformation and growth agenda. These advancements will enable us to drive integration across our retail brands and Triangle Rewards loyalty program—offering a truly differentiated banking experience to better serve our customers and fulfil our Brand Purpose of Making Life in Canada Better.”Aayaz Pira, President, Canadian Tire Financial Services and CEO at Canadian Tire Bank
In 2023, Canadian Tire Bank decided to adopt Temenos Banking Cloud to accelerate its core modernization and extend its relationship with Temenos by moving to a Software-as-a-Service (SaaS) model. This will enable the Bank to deploy banking services more easily and launch new products faster to give customers seamless and more personalized experiences. Temenos Banking Cloud allows the Bank to move from a CapEx to an OpEx model and elastically scale based on business demand. This means that CTB only pays for what it uses and capitalizes on high availability and performance for peak loads or anticipated growth. Temenos will help power the bank’s growth by delivering faster-to-market and richer digital experiences, boosting customer engagement and bottom-line revenue.