Canadian boutique financial institution BlueShore Financial has committed to strengthen its relationship with Temenos, which its chief information officer describes as its "12th man"
Speaking at the Temenos Community Forum (TCF) in Istanbul last month, BlueShore CIO Fred Cook used the sporting analogy for his firm's longstanding relationship with Temenos.
"Resources are limited and your vendor can be your 12th man," he said, "and if you work collaboratively with them and tap into their expertise, it gives you that extra support to take you to the next level."
Based in Vancouver, BlueShore provides a full range of personal and business banking, wealth management, insurance and commercial lending services. Its assets under administration increased by nearly half a billion dollars in 2014, to $3.5 billion. Total loans grew by $225 million, up 10.9 per cent, and deposits increased by 17.9 per cent.
Cook, a music graduate, leads the planning, design and implementation of technology standards. He equated running a bank's IT department to a band playing together; all the sections need to work in harmony.
As well as Temenos, BlueShore works with HP and Microsoft as key technology partners. "Together the three of them work collaboratively with BlueShore to bring a very strong solution to the market," he said.
BlueShore started its relationship with Temenos in 2007 and went live in 2009 with T24, the integrated customer relationship management tool and product software platform. It added the Insight analytics product soon after. "T24 helped us differentiate, it had no problem playing in our Sandbox," Cook said.
Recently, BlueShore revamped its business continuity system and moved its production out of the home base of British Columbia to Calgary -- a less seismically vulnerable area. BlueShore also refreshed and upgraded its T24 software. "There was zero down time," he said, referring to the smooth technical transition. "It's been rock solid."
Cook, like most others at the event, uses TCF as a networking and business opportunity. "For us, it's a core business tool to differentiate and see what's new in the market. The whole global Temenos team is in one spot -- it's a great opportunity to take advantage of that."
Temenos is currently embarking on a commercial push in North America, which Cook described as a mature market.
"Retail banking is so mature that to come into the marketplace, you can't just match; you need to be better," he said, adding the advantage that Temenos will have is its ability to update applications "and look down below, upgrading the infrastructure."