Laurentian Bank of Canada: Temenos and Deloitte transform the Core Banking Technology
Jay Mossman, CEO of North America, Temenos
Barcelona – At the 17th Temenos Community Forum in Barcelona, Temenos, the software specialist for banking and finance, 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.
Increase agility and eliminate IT risks
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.” (Temenos/mc/hfu)
About Temenos
Temenos Group AG (SIX: TEMN), headquartered in Geneva, is a market leading software provider, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 2,000 firms across the globe, including 38 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers. Temenos customers are proven to be more profitable than their peers: in the period 2008-2014, they enjoyed on average a 31% higher return on assets, a 36% higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications. For more information please visit www.temenos.com.
About Laurentian Bank
Laurentian Bank of Canada is a banking institution whose activities extend across Canada. The Bank serves one and a half million clients throughout the country and employs more than 3,700 people whose talent and dedication have made it a major player in numerous market segments. The Bank has more than $40 billion in balance sheet assets and $42 billion in assets under administration.
Laurentian Bank distinguishes itself through the excellence and simplicity of its services. The Bank caters to the needs of retail clients via its branch network. The Bank has also earned a solid reputation among small and medium-sized enterprises and real estate developers thanks to its specialized teams across Canada, namely in Ontario, Québec, Alberta, British Columbia and Nova Scotia. For their part, B2B Bank is a Canadian leader in providing banking and investment products and services to financial advisors and brokers, while the expertise and effectiveness of Laurentian Bank Securities› integrated brokerage services are known nationwide. For more information, please visit: www.laurentianbank.ca.
About Deloitte
Deloitte, one of Canada’s leading professional services firms, provides audit, tax, consulting, and financial advisory services. Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
