Temenos (SIX: TEMN), the banking software firm, revealed on April 13, 2021, that BlueShore Financial, a boutique “full-service” financial institution, is “digitally transforming” its operations along with Temenos.
As mentioned in a release, BlueShore is powered by Temenos Infinity, the omnichannel digital banking solution. BlueShore will be extending its ‘HighTech-HighTouch’ experience to customers by leveraging “explainable” AI intelligence (XAI).
As noted in the announcement, BlueShore will aim to “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 customers are technologically and “financially literate,” however, they may be “time-starved” and have complex financial requirements, the release noted while adding that BlueShore is committed to offering “expert” advice and “a premium, personalized client experience, both in-person and virtually, via the channel of their clients’ choice.”
In November of last year, as part of its initiative to establish human connections in the digital era, and offer a technology experience that fits its clients’ requirements and lifestyle, BlueShore entered a contract for Temenos Infinity Engage, which is a mobile messaging app that connects BlueShore Solution Centre and Financial Advisors with clients.
The release also mentioned that 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, … digital strategy.”
BlueShore has been leveraging Temenos Transact to develop a “high-performing” and “cost-efficient” core banking environment. By 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,” the announcement noted.
With the new “end-to-end, fully integrated digital ecosystem,” BlueShore may be able to benefit from the following:
- 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, remarked:
“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, stated:
“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.”