BlueShore Financial offers a banking experience unlike any other. The boutique financial institution provides clients with more than just traditional transaction banking services, and the secret to its success lies in building strong relationships with clients, and delivering a level of personal service that larger financial institutions cannot hope to match.
This dedication to clients’ financial well-being is even reflected in the layout of BlueShore Financial’s branches, where a unique Financial Spa® design encourages relaxed, engaging conversations that build genuine value. In total, BlueShore Financial operates 13 branches plus a call centre from its base in Vancouver. BlueShore offers services from personal and business banking to wealth management, insurance and commercial lending solutions.
99.8% consistence banking platform reliability
Innovation, dedication, and going the extra mile for clients is ingrained in its DNA—which is why BlueShore Financial has been named one of Canada’s ‘Ten Most Admired Corporate Cultures’ by a leading human capital firm for three years and one of Canada’s Best Small and Medium Employers for eight consecutive years. This recipe has helped to build a client base of 40,000 members, and BlueShore Financial now manages $5.7 billion in Assets Under Administration.
Creating Personalised Service in the Age of Data
To differentiate their offerings, banks and other financial providers continually look for ways to personalise their services. With huge stores of transactional data and client histories, how can they unlock and activate the value of their data assets and gain a competitive advantage?
For a mid-sized provider like BlueShore Financial, connecting with strategic partners is key to achieving long-term success. Back in 2007, faced with its core banking system being phased out by the vendor, BlueShore Financial took the opportunity to revitalise its approach by looking for integrated solutions covering both core banking and sophisticated analytics.
One of Canada’s
“Ten Most Admired Corporate Cultures” &
“Best Small and Medium Employers”
Taking the First Steps with Temenos
BlueShore Financial assessed the market thoroughly to select a new partner, and realised it had found a standout vendor in Temenos. At the time, Temenos did not have a major presence within Canada, which presented potential challenges in terms of adapting the solutions to ensure compliance with local regulations. However, BlueShore Financial was impressed with the in-depth engagement offered by Temenos, and was confident that global experience would enable a smooth adoption.
5x increase in assets
In the first phase, BlueShore Financial implemented Temenos Transact, going live in 2009, and underpinning the new solution with Microsoft SQL Server to form a high-performance, cost-efficient environment. The solution supports all BlueShore Financial’s retail banking services, including savings and lending products, and all branch, phone, online, mobile and ATM/POS services.
The reliability and robustness of the Temenos Platform capabilities have help reduced overhead, lower operational costs, and increase scalability as business workloads grow. The Temenos solutions offer high system availability, ensuring BlueShore’s systems are always ready to serve clients when its Financial Spa doors open each morning or when clients are online 24/7.
System operations is rock solid.
In the 10 years of partnership, 2 years with 100% uptime!
Unlocking the Value of Long-Term Collaboration
Following the initial deployment, BlueShore Financial added further Temenos solutions to augment its banking ecosystem, including Temenos Data & Analytics for business intelligence analysis of its customer data, and Temenos edgeConnect to enhance its digital services.
BlueShore Financial and Temenos have formed a deep, ongoing partnership with regular communication, monthly meetings, and yearly discovery sessions. During these engagements, BlueShore Financial can discuss worldwide banking industry trends and best practices, and review technology roadmaps and new perspectives on the changing market. BlueShore Financial also takes advantage of Temenos Community Forum events to share its strategic insights and network with other users.
Fred Cook, Chief Information Officer at BlueShore Financial, explains, “When we partner with vendors, we look for a real understanding of our business, including our pain-points, differentiators, and what we are trying to achieve, as well as the ability to bring real value to the table with expert knowledge and solutions. That’s what we get with Temenos—we look at it as acting locally, but thinking globally.”
“Ecosystems are the name of the game in business today. Having the right partner and working in a spirit of partnership creates extra competitive support. In the National Football League (NFL), there is a term that refers to a team’s fans as the 12th Man, for BlueShore our Partners are our 12th Man, and Temenos is a key BlueShore 12th Man!”Fred Cook, Chief Information Officer
Gaining a 360-Degree view of Each & Every Client
The integrated Temenos solutions enable BlueShore Financial to drill down into its client data to uncover insights into preferences and behaviours, and help to generate more tailored products. With Temenos Data & Analytics, for example, BlueShore Financial can run analytics on client assets and profitability to ultimately design a more attractive and unique offering for various client segments.
Based on this deep analysis, the core system makes it simple and quick to develop the new tailored offering. The Temenos Platform provides a preconfigured product catalogue, and elements that can be chosen, customised and combined to form a new product offering for each customer segment.
Fred Cook concludes, “In the financial sector, you have to be as nimble as possible. Our Temenos solutions, Temenos Transact, Temenos edgeConnect and Temenos Data & Analytics, support our agile approach and commitment to delivering an exceptional client experience that sets us apart.”
“In the financial sector, you have to be as nimble as possible. Our Temenos solutions, Temenos Transact, Temenos edgeConnect and Temenos Data & Analytics support our agile approach and commitment to delivering an exceptional client experience that sets us apart.”Fred Cook, Chief Information Officer
In November 2020, as part of its initiative to build human connections in the digital era, and deliver a technology experience that fits its clients’ lifestyle, BlueShore signed a contract for Temenos Infinity Engage to be delivered as SaaS, a state-of-the-art mobile messaging app that connects BlueShore Solution Centre and Financial Advisors with clients. The expansion of the relationship to include the full Temenos Infinity digital platform, Temenos Data Lake, Temenos Explainable AI (XAI) and Temenos Payments will take this further, as BlueShore executes a data-driven, cutting-edge digital strategy.
“We are delighted to start this exciting next phase of our digital transformation journey with Temenos. For over a decade, Temenos has been a strong partner of ours in our commitment to improving our clients’ financial well-being. With this expansion of the relationship, we will be able to take the Financial Spa™ experience that BlueShore is known for in-person – encouraging engaging conversations and genuine value – and deliver that in the digital realm. With Temenos, we can pursue new and untapped market opportunities with differentiated products and services that will put us at the forefront of Open Banking and Payments Modernization opportunities. We look forward to continuing to innovate with Temenos.”Chris Catliff, President and CEO, BlueShore Financial