Laurentian Bank of Canada Selects Temenos and Deloitte to Transform its Core Banking Technology
Temenos platform to power retail and commercial banking for Laurentian Bank of Canada and its subsidiary, B2B Bank
At the 17th Temenos Community Forum in Barcelona – on 20 May 2016 – Temenos (SIX: TEMN), the software specialist for banking and finance, today announced that it has signed an agreement to provide Laurentian Bank of Canada (LBC) with its award-winning RetailSuite, including Core Banking platform and Analytics & Reporting solutions. With key retail and commercial operations across Canada, the CAD $40 billion in assets bank was looking for modern technology to increase efficiency and scale to changing consumer needs. The Temenos platform will also facilitate faster time-to-market with products and services, delivery of a superior customer experience through increased automation and ability to harness the value of the data through analytics.
Temenos was selected as a strategic technology provider to support LBC's technology transformation program designed to increase agility, eliminate risks related to legacy systems, and solidify the bank's leading position in their market. The Temenos platform provides LBC with a future-proof, best in class core banking platform to scale for growth, and to integrate efficiently with an extensive network of third-party systems to maximize straight through processing.
The implementation is delivered by Temenos together with Deloitte. Deloitte will also provide system integration and governance services based on their long-standing and proven expertise in Temenos implementations.
LBC selected Temenos for the breadth and depth of functionality of the RetailSuite and the out-of-box functionality of the Canadian Model Bank which enables predictable implementation with less risk. Temenos was also selected on the basis of its leadership position in the Canadian market, including a well-established Canadian client base and in-country operations, coupled with Temenos' global reach and support network.
Jay Mossman, CEO of North America, Temenos, said: "Partnering with LBC is a significant achievement for Temenos, and further demonstrates our position as a technology leader in the region. Temenos' unique packaged solution allows financial institutions like LBC to stay on the cutting-edge of technology and evolve in a fast-paced environment. We are thrilled that LBC has placed their confidence in us as a technology partner and we look forward to supporting them during the next chapter of their evolution."
David O'Neill, SVP, IT, Laurentian Bank of Canada, commented: "Earlier this year, LBC announced its transformation plan to our shareholders involving the modernization or our core banking platform. This project with Temenos is key to that strategy and our future growth, as it will allow us to scale to meet the needs of our customers and support our growth. We chose Temenos because we wanted a best-in class core-banking platform that can support us for the long term in an ever-changing marketplace. We look forward to the exciting changes ahead."
John Wang, Partner, Deloitte, said: "LBC's decision to leverage Temenos RetailSuite to enhance their business was the result of a thorough due diligence process by the bank. We are excited to help LBC to implement Temenos' world-class banking technology platform to enable LBC to realise its strategic goals."