Canadian credit union extends Temenos partnership

Banking software company Temenos has announced that its long-running partnership with Salmon Arm Savings and Credit Union (SASCU) has been extended, as part of the credit union’s drive to improve member experience.

The Canadian credit union, which has 20,000 members and $800 million in assets under management, has implemented the newest functionality of Temenos Analytics to boost its growth strategy.

Temenos services partner ClearSight Solutions has collaborated to enable additional capabilities at the credit union, modernising the way in which SASCU uses data with Temenos’ funds transfer pricing and activity-based costing capabilities.

Using the reporting tools provided by Temenos, SASCU is able to calculate the profitability of every member and product using industry best practice financial models to identify areas for improvement and new product development.

Barry Delaney, president and chief financial officer at SASCU Financial Group, said that advice and member experience is “not one-size-fits-all”.

“Temenos has enabled us to enhance the range of products we offer in order to deliver better choice, value, and a member-centric experience,” Delaney said.

“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 at Temenos said that among the challenges financial institutions face are the acceleration of digital, “intense competition”, changing account holder behaviour and high operating costs.

“Temenos enables SASCU to overcome these challenges and create hyper-personalized experiences, ensure higher member satisfaction and increase profits,” she added.

“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.”

Written by Ellie Duncan, head of content at Open Banking Expo