IBS Journal May 2015
‘It is important to assist our employees to be ready to adapt to change and the new system, and training is an
integral part of overcoming this challenge.’ Carol Mayer, FirstOntario Credit Union
Q4 2010), Coast Capital Savings (which took the system in 2007 and finally went live in early 2013) and Blueshore Finan- cial (formerly North Shore, the pioneer of Temenos’ software in Canada, having signed for T24 nearly a decade ago). Alongside T24, FirstOntario will also
implement Temenos Connect for channels and the Insight BI business intelligence tool. Bijvoet comments that the ‘strong BI capabilities’ of the latter helped Temenos to secure a position ‘above its competitors’. At present, the credit union is ‘still in
the infancy stages of developing plan- ning’, with the new banking system team kick-off meeting held on 3rd March this year, says Carol Mayer, EVP and pro- gramme manager, banking transforma- tion, FirstOntario. The project stages will include: initiation, analysis, design, build, test, data migration, and finally deploy- ment. ‘We expect the new banking system to be completed in the late autumn of 2016,’ she says. There will be a ‘big bang’ go-live. ‘We
have 29 branches to support and we need to completely shut down the legacy sys- tem first, so we can then turn on T24. We need all branches and systems (including online banking) to be running on one sys- tem at once for a seamless member expe- rience between branches and for ease of our staff,’ Mayer explains. Temenos’ soft-
ware will fully replace the legacy solution. Bijvoet expounds: ‘It will support branch and back office users, retail and com- mercial credit functions and through the Insight product will deliver data reporting and analytics for the entire organisation. The new banking system will also act as our primary CRM tool, replacing our exist- ing CRM product, so all information is held in the core banking system for an integrat- ed user experience.’ It will be interfaced to around eight solutions at FirstOntar- io, including Prolender for loan origina- tion from CRI Canada and MemberDirect for internet banking (an outsourced solu- tion supplied by Central 1 Credit Union). It will also interact with the credit union’s personal assisted teller (PAT) technology. Temenos Connect will bolster the exist- ing mobile banking products, such as the Deposit Anywhere cheque deposit app, also developed by Central 1 (FirstOntario is a licensed user). FirstOntario has opted to work direct-
ly with Temenos, and the vendor has allo- cated a project manager and support team to help the credit union with best practices and training, says Mayer. There will also be ‘close work’ with third parties such as Central 1, which is the primary liquidity manager, payments processor and trade association for credit unions in British Columbia and Ontario.
© IBS Intelligence 2015
‘As with any new project, there are
always challenges,’ she muses. ‘We are focusing on making sure our employees feel confident using and understanding the new system. It is important to assist our employees to be ready to adapt to change and the new system, and train- ing is an integral part of overcoming this challenge.’ She stresses that ‘communica- tion and training is an enormous part of change management’ that contributes greatly to the outcome. Once the project is completed, the
new platform ‘will set the stage for the next two decades at least of FirstOntar- io’s growth strategy’, Bijvoet states. In addition to the enhanced staff and mem- ber experiences, the credit union expects that it will help in operations with ease of maintenance and provide long-term cost savings. However, Barry Doan, the credit union’s EVP and CFO, points out that ‘with a project such as this, it is a challenge to estimate the impact and ROI’. He empha- sises that it is ‘critical’ for FirstOntario to have modern software to stay competitive in the market. ‘The limitations of the cur- rent legacy software [Fiserv’s Signature] outweigh the risk of not upgrading it,’ he states. Success is not based on just one strategy, he muses, but is rather a combi- nation of attractive products and services and innovative technology.
www.ibsintelligence.com 47
case study: firstontario credit union
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