Canadian Tire Bank Extends Relationship with Temenos, Moves to New Banking Cloud Platform

Temenos (SIX: TEMN) recently 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, Canadian Tire Bank chose the Temenos platform “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.”

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