Canadian Credit Union Extends Partnership with Temenos and Harnesses the Power of Data to Drive Growth
SASCU drives profitability, increases efficiency, and improves its member experience with Temenos Analytics
Financial institutions that use Temenos Analytics are nearly 2X more likely to have top quartile financial performance
GENEVA, Switzerland – April 8, 2021 – Temenos (SIX: TEMN), the banking software company, today announced that Salmon Arm Savings and Credit Union (SASCU) has extended its long-standing relationship with Temenos, completing an implementation of the newest functionality of Temenos Analytics to drive its growth strategy. With 20,000 members, and $800 million assets under management, SASCU continues to grow in size and product offerings, using Temenos Analytics to deliver seamless, hyper-personalized digital experiences for its members.
According to a recent report by the Economist Intelligence Unit, improving the account holder experience and engagement is the top strategic priority for financial institutions around the world. SASCU is a forward-looking, community-focused, financial organization driven to provide world-class products and services for all phases of a member’s life. Recognizing the power of data, SASCU has been using Temenos Analytics to drive profitability and strategy for 10+ years as it has grown. Focused on attracting and retaining members, and expanding wallet share through an outstanding experience, SASCU is one of the top performing credit unions in Canada.
Temenos Services Partner ClearSight Solutions collaborated with Temenos to implement additional capabilities at the credit union to modernize the way SASCU uses data with Temenos’ industry-leading funds transfer pricing and activity-based costing capabilities. Leveraging the full strength of Temenos’ powerful reporting tools, SASCU can now calculate the profitability of every member and product using industry best practice financial models in order to identify areas for improvement and new product development. This will enable the credit union to improve financial performance and the member experience.
Over the past five years, online banking visits have nearly doubled. A seamless digital member experience is vital to SASCU’s member acquisition and retention goals. Temenos Analytics is core-agnostic, allowing SASCU to run on a third-party core, break down 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 our members’ lifelong partner – to do that, we need to make sure that we are offering them the products and services they need. Advice and member experience is not one-size-fits-all. We continuously seek new ways of doing things, and for that we need to fully leverage our data. Temenos has enabled us to enhance the range of products we offer in order to deliver better choice, value, and a member-centric experience. By expanding our relationship with Temenos and implementing the enhanced functionality, we will empower our employees to better serve our members, and fully leverage data to drive our strategy.”
Jacqueline White, President, Americas, Temenos, said:
“Financial institutions face many challenges such as the acceleration of digital, intense competition, changing account holder behavior, 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 partner with Temenos. As a leading provider of banking technology, Temenos enables SASCU to overcome these challenges and create hyper-personalized experiences, ensure higher member satisfaction and increase profits. We’re delighted that, supported by ClearSight’s valuable in-depth business and technical 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 member relationships.”
Michael Zywicki, Partner, ClearSight Solutions, added:
“By deploying Temenos Analytics, SASCU demonstrates its understanding that modern tools and data are required to better understand members’ activities and relationship value. ClearSight is excited to be part of this project and to see how SASCU uses the enhanced knowledge of their members to provide them with a differentiated experience.”
Temenos Press Contacts
Jessica Wolfe & Scott Rowe
Temenos Global Public Relations+1 610 232 2793 / +44 20 7423 3857 [email protected]
SEC Newgate Communications for Temenos+44 20 7680 6550 [email protected]