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BlueShore Financial Expands Relationship with Temenos to Further its Digital Transformation

Temenos (SIX: TEMN), the banking software company, today announced that BlueShore Financial, a boutique full service financial institution, is digitally transforming with Temenos. Powered by Temenos Infinity, the market-leading omnichannel digital banking product, BlueShore will extend its ‘HighTech-HighTouch’ experience to clients by leveraging explainable artificial intelligence (XAI). BlueShore will replicate the in-branch experience of its Financial Spa™ Branch designed around client-centered amenities, personalized service and expert advice, across all channels and devices, from onboarding to servicing through to retention.

BlueShore clients are largely technologically and financially literate, but are time-starved and have complex financial needs. As such, BlueShore is focused on delivering expert advice and a premium, personalized client experience, both in-person and virtually, via the channel of their clients’ choice. 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 , 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.

BlueShore has been a long-standing Temenos partner, using Temenos Transact to create a high-performing cost-efficient core banking environment. Leveraging Temenos Analytics, embedded into the core banking platform, BlueShore created what it calls ‘bluegorithms’, proprietary algorithms that measure qualities such as engagement score, digital usage and price sensitivity. With the new end-to-end, fully integrated digital ecosystem, BlueShore will benefit from:

  • Reduced complexity.
  • An enhanced 360-degree customer view.
  • The ability to leverage both blended client data from standard structured data (such as form entries) to unstructured data (such as social media and voice).
  • Real-time analytics to gain valuable insights into customer behavior and preferences, fed into Temenos XAI to automatically deliver hyper-personalized experiences with tailored recommendations and contextualized advice.
  • An API-first, open platform that can enrich BlueShore’s data with third-party sources, proactively facilitating open banking ahead of new regulations emerging in Canada. BlueShore will have access to over 100 of the latest Open Banking APIs being deployed globally.
  • Next-generation payments technology that supports ISO20022 standards and real-time payments, enabling BlueShore to take further advantage of Canadian Payments Modernization.

Chris Catliff, President and CEO, BlueShore Financial, said: “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.”

Jacqueline White, President, Americas, Temenos, said: “Financial institutions recognize the value of their data as they seek to personalize customer engagement, but they don’t necessarily understand how to leverage it. BlueShore has been a pioneer for many years in leveraging data to take a highly targeted, personalized approach and deliver a premium experience. With the end-to-end Temenos platform, encompassing modernized payments and explainable AI, BlueShore will create differentiated experiences for its clients, empowering them with tailored recommendations and contextualized advice.”

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About BlueShore Financial

BlueShore Financial is a boutique financial institution providing a full range of personal and business banking, wealth management, insurance and commercial lending solutions. With a branch network located across the Lower Mainland and Sea-to-Sky Corridor, BlueShore Financial helps clients achieve financial wellness® through personalized solutions and expert advice, delivered in a unique Financial Spa® branch environment. BlueShore Financial manages over $6.5 billion in Assets Under Administration and is consistently ranked among the top 20 financial planning firms in Metro Vancouver.

BlueShore Financial is an Imagine Canada Caring Company, contributing at least 1% of pre-tax profits annually to charities and not-for-profit organizations within the communities it serves. BlueShore Financial is the operating name of BlueShore Financial Credit Union.

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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.

For more information, please visit www.temenos.com .

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