Canadian Tire Bank Expands Relationship with Temenos and Moves to Temenos Banking Cloud
The financial arm of one of the largest Canadian retail companies adopts SaaS to accelerate its digital transformation and power new business models
GENEVA, Switzerland, July 17, 2023 (GLOBE NEWSWIRE) -- 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 – will adopt Temenos Banking Cloud to accelerate its core modernization. In 2022, to replace its legacy core systems and is now extending its relationship with Temenos and moving to a Software-as-a-Service (SaaS) model. This will enable the Bank to deploy banking services more easily and launch new products faster to give customers seamless and more personalized experiences.
Canadian Tire Bank has a digital-first strategy to enhance customer acquisition, loyalty and engagement. Temenos Banking Cloud will help power new business models at scale by advancing the Bank’s digital capabilities and developing new products across CTC’s retail brands and more than 11 million active loyalty members.
Temenos Banking Cloud 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 capitalizes on high availability and performance for peak loads or anticipated growth.
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. 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. The move to Temenos Banking Cloud will accelerate our digital transformation to 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.”
Philip Barnett, President of Americas and Strategic Growth, Temenos, said: “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 that 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 localization 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.”
About Canadian Tire Corporation
Canadian Tire Corporation, Limited, (TSX: CTC.A) (TSX: CTC) or "CTC", is a group of companies that includes a Retail segment, a Financial Services division and CT REIT. Our retail business is led by Canadian Tire, which was founded in 1922 and provides Canadians with products for life in Canada across its Living, Playing, Fixing, Automotive and Seasonal & Gardening divisions. Party City, PartSource and Gas+ are key parts of the Canadian Tire network. The Retail segment also includes Mark's, a leading source for casual and industrial wear; Pro Hockey Life, a hockey specialty store catering to elite players; and SportChek, Hockey Experts, Sports Experts and Atmosphere, which offer the best active wear brands. The more than 1,700 retail and gasoline outlets are supported and strengthened by CTC’s Financial Services division and the tens of thousands of people employed across Canada and around the world by CTC and its local dealers, franchisees and petroleum retailers. In addition, CTC owns and operates Helly Hansen, a leading technical outdoor brand based in Oslo, Norway. For more information, visit Corp.CanadianTire.ca.
About Temenos
Temenos (SIX: TEMN) is the world’s leading open platform for composable banking, creating opportunities for over 1.2 billion people around the world every day. We serve 3000 banks from the largest to challengers and community banks in 150+ countries by helping them build new banking services and state-of-the-art customer experiences. The Temenos open platform helps our top-performing clients achieve return on equity three times the industry average and cost-to-income ratios half the industry average.
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