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Credit Union: Blueshore Financial Credit Union Vendor: Temenos


System: T24 Summary


Type of financial institution: Credit union with focus on wealth management Headquarters: Vancouver, Canada Branches: 12 Assets: $3.5 billion


Project scope: A complete replacement of core banking software


System/vendor replaced: Visionwest (Datawest Solutions, now part of Fiserv) System/vendor installed: Temenos’ T24 Technology: Microsoft SQL Server 2005


Current functionality: Deposits, loans, general ledger and branch automation


Interfaces: Pivotal CRM from CDC Software; IBM Filenet P8 Platform; data warehouses; service organisations to Canadian credit unions providing electronic funds transfer switching and credit card processing; Temenos’ Insight BI for business intelligence; Temenos Connect for digital channels


Selection team: Credit union and consultant (HP Canada) Selection time: One year


Installation team: Credit union, Temenos, HP Canada and Microsoft Installation time: 30 months Level of satisfaction: High


16 Overview


Blueshore Financial Credit Union was founded in 1941, and was originally called North Shore Credit Union. In 2013 it initiated a brand revamp and changed its name to Blueshore Financial.


Blueshore describes itself as a niche boutique for affluent clients in Vancouver. It offers a broad range of personal and business banking, wealth management, insurance and commercial lending services. It has around 40,000 customers, 315 staff and a network of 12 branches, which are designed and presented as ‘spas’.


As a result of this brand and strategy overhaul, it increased its assets under administration by nearly half a billion dollars in 2014, to $3.5 billion, loans by $225 million (up 10.9%) and deposits by 17.9%.


All this was achieved without a significant increase of its customer base but rather by leveraging its existing relationships.


What are the key points? ‘Know your target market, know how to go after it and adjust your technology to suit,’ stated Doug Smith, SVP, governance, at Blueshore.


The credit union does not chase new clients, and is actually in a position to turn away prospects if it feels that they are not ready to be fully open with Blueshore or really commit to it. Smith explained that Blueshore is keen to provide holistic services to its clients – which are its members – nurturing the community-building spirit, dedicated to improving their financial health and providing ‘superior’ service that is truly focused on its members.


• Technology


Blueshore was a pioneer of Temenos’ T24 core banking system in Canada and a major contributor towards T24 Model Bank Canada.


Core Banking Systems Case Studies: North America www.ibsintelligence.com


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