The client is one of Ireland’s largest credit unions that takes a member-centric approach for it’s close to 40,000 members.
Challenge
Consumer expectations for financial services have shifted as customers expect to engage with their providers in person, on the phone, and digitally. The client, using an older version of Temenos Core Banking, was looking for an integrated solution, both physically and digitally, for its lending and savings products and services. To do this they needed to upgrade to the latest version of Temenos Core Banking & Digital Banking Solution.
Solution
Temenos is a leading banking software company that offers a wide range of solutions and services to banks and financial institutions. This credit union chose to implement Temenos Core Banking and Digital Platform. These solutions enabled their new omni-channel experiences and included a completely digital process for loan origination, a first for any credit union in Ireland.
Thanks to our team, the client successfully completed re-implementation of Temenos Financial Inclusion solution from R08 to R17. We also configured Temenos Digital Banking Platform to enable the digital experience both on a desktop and mobile. All of this led to the successful development of a coherent and standard model solution for credit unions.
Impact
The client saw a major increase in new registrations for digital services. Furthermore, within 10 months of implementation, more than a third of loans originated through the digital channel. The Temenos tools led to a substantial decrease in manual back-end processing work and a sizable decrease in call-center volumes.
The project’s transformative impact was centered around the provisioning of a seamless, 24/7, online lending experience and a comprehensive range of digital services. In recognition of this achievement, the project was formally recognized by Temenos and awarded the prestigious ‘Innovation Hero Award’.
