Canadian Tire Bank (CTB), the financial services subsidiary of Canadian Tire Corporation (CTC) will now use Temenos Open Platform to reinstate its conventional banking system with composable banking. Temenos offers retail banking, business banking, wealth management and more services and with its open platform will empower CTB for higher user engagement, offer greater digital experiences, and boost revenue generation.
Aayaz Pira, President, Canadian Tire Financial Services and CEO, Canadian Tire Bank, commented, “CTC’s plan for growth and customer engagement is hinged on the continued creation of best-in-class digital experiences and innovative products and services. By investing in Temenos open platform, we will enhance our core banking system to create a modern, cloud-native, digital-first platform supporting our transformation and growth agenda. These advancements will enable us to drive integration across our retail brands and Triangle Rewards loyalty program—offering a truly differentiated banking experience to better serve our customers and fulfil our Brand Purpose of Making Life in Canada Better.”
Temenos Open Platform has been chosen as a part of Better Connected strategic growth plan of Canadian Tire Corporation to offer omnichannel banking experience to customers. The open platform will help CTB with getting better customer engagement, acquisition, and their loyalty under its digital-first strategy. As CTB is dedicated to launch a new set of digital-only services, the features of the bank will be increased for digital experiences by Temenos.
Max Chuard, Chief Executive Officer, Temenos, said, “We are delighted to support Canadian Tire Bank as it modernizes its operations and accelerates its growth to pioneer new ways to support Canadians through innovative products and superior experiences. Temenos open platform provides pre-built banking services and the broadest set of capabilities, which will help Canadian Tire Bank to scale and benefit from new business models built around its retail brands. Temenos will help the bank drive innovation and growth as Canadian Tire Bank continues to build out its ecosystem and increase its customer base. We’re excited to partner with Canadian Tire Bank and strengthen our presence in North America, where we help incumbents, challenger banks and global disruptors to make banking better.”