Canadian Tire Bank is to adopt Temenos Banking Cloud to accelerate its core modernisation. The adoption of SaaS will power CTB’s new business models and enable the bank to deploy services more easily. According to CTB, the initiative ensures it can launch new products faster to give customers seamless and more personalised experiences.
In 2022, Canadian Tire Bank chose the Temenos platform to replace its legacy core systems. It is now extending its relationship with Temenos by moving to a Software-as-a-Service (SaaS) model.
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Canadian Tire: over 11 million loyalty members
Temenos Banking Cloud will help power new products across CTC’s retail brands and more than 11 million active loyalty members.
The move also allows the bank to move from a CapEx to an OpEx model and elastically scale based on business demand. This means that CTB only pays for what it uses. And it capitalises on high availability and performance for peak loads or anticipated growth.
Canadian Tire Bank is one of the largest card issuers in Canada. It serves more than 2 million customers, over C$6bn in receivables and was recently ranked second in JD Power’s Canada Credit Card Satisfaction Study. As part of Canadian Tire Corporation’s Better Connected strategic growth plan to invest in its omnichannel customer experience, Temenos has already started working with the Bank to streamline digital account opening, enhance digital banking features, and extend Canadian Tire Bank’s existing Buy Now Pay Later capability for financing loyalty member spend.
Aayaz Pira, President, Canadian Tire Financial Services and CEO, Canadian Tire Bank, said: “Our plan for growth and customer engagement centers around best-in-class digital experiences and innovative products and services.
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By GlobalData“The move to Temenos Banking Cloud will accelerate our digital transformation. This will advance our digital banking capabilities in service of further integration across Canadian Tire Corporation’s retail brands and its millions of active loyalty members. We will be well-positioned to offer a truly differentiated banking experience for our customers and fulfil our Brand Purpose of Making Life in Canada Better.”
North America: strategic region for Temenos, robust SaaS growth
Philip Barnett, President of Americas and Strategic Growth, Temenos added: “We are delighted to expand our collaboration with Canadian Tire Bank as it pioneers new ways to support Canadians through innovative products and superior experiences. With Temenos Banking Cloud, Canadian Tire Bank can digitally transform on a trusted and secure platform. This provides continuous updates to create new sustainable business models and massively scale faster than ever. North America is a strategic region for Temenos, and a market where we are seeing tremendous growth in SaaS. Our proven, highly scalable SaaS model together with robust localisation and local operations is compelling for banks and credit unions of all sizes.
We have invested heavily in our platform to assist our clients with ensuring compliance with Canadian and US regulations and our clients are seeing the benefit in speed to value with our pre-configured banking capabilities.”
