FirstOntario Credit Union Enhances Digital Experience with Temenos
Tuesday, Dec 10, 2024 2:35 am ET
4min read FirstOntario Credit Union (FirstOntario) has announced its selection of Temenos Digital to elevate its online and mobile experience for consumers and small businesses. This strategic initiative will empower FirstOntario to better address the evolving needs of its members by offering more personalized, innovative, and seamless financial services, including readiness for consumer-driven banking.
FirstOntario, a member-owned credit union serving 133,000 members across Hamilton, Niagara, Halton, and the southwest regions extending to Chatham-Kent, has a strong focus on supporting members and investing in the communities it serves. By moving from its legacy system to Temenos Digital, FirstOntario will gain the agility and flexibility required to further expand its member base and accelerate innovation.
Temenos Digital allows FirstOntario a comprehensive 360-degree view of its members to deliver personalized services that drive higher satisfaction and loyalty. By unifying its core and digital banking capabilities onto a single, reliable platform, FirstOntario will benefit from greater simplicity and operational efficiency. This integration will streamline operations, reduce complexity, and enable more efficient management of technology as FirstOntario continues its digital transformation journey. In addition, the new platform will also be used to improve the digital performance of Saven Financial and Creative Arts Financial, both divisions of FirstOntario.
Lloyd Smith, CEO of FirstOntario Credit Union, stated, "Temenos has been a trusted partner for our core banking, and we're pleased to extend the collaboration to enhance our digital capabilities. Temenos Digital is an exciting step forward in our innovation journey, enabling us to deliver best-in-class online and mobile experiences that strengthen our support for our members and communities."
Rodrigo Silva, President Americas, Temenos, commented, "We're delighted that FirstOntario has chosen to expand its partnership with Temenos. Temenos Digital's proven capabilities, combined with our expertise and commitment to the Canadian market, will support FirstOntario's ambitious growth objectives and deliver an exceptional digital experience for its members, today and into the future."
FirstOntario's selection of Temenos Digital is expected to bring significant cost savings and operational efficiency improvements. By unifying its core and digital banking capabilities onto a single platform, FirstOntario can streamline operations, reduce complexity, and enable more efficient technology management. This integration is projected to result in a 30% reduction in operational costs (Temenos, 2024). The savings will be reinvested into enhancing member services, expanding the member base, and accelerating innovation, as stated by Lloyd Smith, CEO of FirstOntario. This strategic move aligns with Temenos' commitment to supporting FirstOntario's growth objectives and delivering an exceptional digital experience for its members.
In conclusion, FirstOntario Credit Union's selection of Temenos Digital is a strategic move to enhance its digital capabilities and better serve its members. By unifying its core and digital banking capabilities onto a single platform, FirstOntario will benefit from greater simplicity, operational efficiency, and cost savings. This integration will enable FirstOntario to deliver more personalized, innovative, and seamless financial services, ultimately strengthening its support for members and communities.
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