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Canadian Tire Bank Selects Temenos Open Platform to Gain Best-In-Class Digital Banking Capabilities
Rhea-AI Impact
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Rhea-AI Summary
Temenos announced that Canadian Tire Bank (CTB) has selected its open platform for composable banking, aiming to replace legacy systems. This decision aligns with CTB's strategic growth plan to enhance digital customer experiences, leveraging its status as one of Canada's largest card issuers with over $6B in receivables. The partnership will facilitate improved digital offerings and integration across retail brands, enhancing customer engagement and loyalty programs. Temenos aims to drive innovation, supporting CTB's expansion in North America.
Positive
Canadian Tire Bank to enhance digital customer experiences with Temenos platform.
CTB has over 2 million customers and $6B in receivables, indicating strong market presence.
Partnership aligns with CTB's strategic growth plan, focusing on digital innovation.
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GENEVA--(BUSINESS WIRE)--
Temenos (SIX: TEMN) today announced that Canadian Tire Bank (CTB), the financial arm of Canadian Tire Corporation (CTC) – one of the largest Canadian retail companies – has selected Temenos open platform for composable banking to replace its legacy systems. Temenos will help power Canadian Tire Bank’s growth by delivering faster to market and richer digital experiences, boosting customer engagement and bottom-line revenue.
The new banking platform is part of CTC’s Better Connected strategic growth plan to invest in its omnichannel customer experience. Temenos open platform will help Canadian Tire Bank (CTB) drive its digital-first strategy to enhance customer acquisition, loyalty and engagement. Canadian Tire Bank is one of the largest card issuers in Canada, with more than 2 million customers, over $6B in receivables and was recently ranked second in JD Power’s Canada Credit Card Satisfaction Study.
With CTB focused on launching a new set of digital-only offerings, Temenos will help expand the Bank’s digital features. This work will include streamlining the digital account opening processes, enhancing best-in-class digital banking features and extending CTB’s existing Buy Now Pay Later capability for financing loyalty member spend. Supported by Temenos’ open platform, CTB will advance its digital banking capabilities and further integration across CTC’s retail brands and 11 million active loyalty members, leveraging physical and digital assets to capture the value of its channels.
Aayaz Pira, President, Canadian Tire Financial Services and CEO, Canadian Tire Bank, said: "CTC's plan for growth and customer engagement is hinged on the continued creation of best-in-class digital experiences and innovative products and services. By investing in Temenos open platform, we will enhance our core banking system to create a modern, cloud-native, digital-first platform supporting our transformation and growth agenda. These advancements will enable us to drive integration across our retail brands and Triangle Rewards loyalty program—offering a truly differentiated banking experience to better serve our customers and fulfil our Brand Purpose of Making Life in Canada Better."
Max Chuard, Chief Executive Officer, Temenos: “We are delighted to support Canadian Tire Bank as it modernizes its operations and accelerates its growth to pioneer new ways to support Canadians through innovative products and superior experiences. Temenos open platform provides pre-built banking services and the broadest set of capabilities, which will help Canadian Tire Bank to scale and benefit from new business models built around its retail brands. Temenos will help the bank drive innovation and growth as Canadian Tire Bank continues to build out its ecosystem and increase its customer base. We’re excited to partner with Canadian Tire Bank and strengthen our presence in North America, where we help incumbents, challenger banks and global disruptors to make banking better.”
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About Temenos
Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
