BforBank to deliver unique private banking experience to the French mass affluent market
GENEVA Switzerland, 12 July 2010 – Temenos (SIX: TEMN), the market leading provider of integrated core banking systems, today announced that BforBank, a fully-owned subsidiary of Crédit Agricole Regional Banks and Crédit Agricole SA, has gone live on TEMENOS T24. BforBank is a new online private bank offering savings, life insurance, mutual funds and e-brokerage to the French mass affluent market. BforBank aims to be the first true online private bank, empowering customers to become their own private bankers by offering the quality of information and range of tools open to a financial advisor. Given its true 24x7 availability, its flexibility and its strong out-of-the box workflows and interfaces, T24 was considered the best back-office solution to support the bank’s mission.
GENEVA Switzerland, 12 July 2010 – Temenos (SIX: TEMN), the market leading provider of integrated core banking systems, today announced that BforBank, a fully-owned subsidiary of Crédit Agricole Regional Banks and Crédit Agricole SA, has gone live on TEMENOS T24. BforBank is a new online private bank offering savings, life insurance, mutual funds and e-brokerage to the French mass affluent market. BforBank aims to be the first true online private bank, empowering customers to become their own private bankers by offering the quality of information and range of tools open to a financial advisor. Given its true 24x7 availability, its flexibility and its strong out-of-the box workflows and interfaces, T24 was considered the best back-office solution to support the bank’s mission.
‘We aim to meet the demands and expectations of an increasingly exacting, financially literate and technology savvy consumer population through a content rich, interactive user experience. To date, the banking sector has been poor at giving customers this kind of user experience and we aim to break the mould. T24 is a truly 24x7 system, which is absolutely essential because in internet banking, the bank never stops. Furthermore, its openness delivers ease of integration with other systems and offers us the flexibility to manage customer accounts efficiently – for example, having all the data held in T24 means there is no need to replicate data, so we can open accounts up very quickly for our customers. We have a strong engine with T24, with out-of-the-box interfaces that saves us time and money whilst reducing implementation risk’, commented Vincent Chatard, COO BforBank.
Most international vendors were discounted at an early stage in the selection process given lack of referenceability, but T24 was shortlisted and eventually selected over local solutions due to its scalability and flexibility. Temenos’ key differentiators against international competitors included its strong presence in France.
‘We are delighted to be working with BforBank in this exciting and truly unique venture. Temenos is providing a number of innovative start ups with an end to end, fully integrated and flexible platform that gives these banks the agility to rapidly launch operations and deliver exceptional services that are revolutionising banking today. We are privileged to have been selected by BforBank as the vendor of choice to take this business model forward ahead of local suppliers, which further reinforces the strong traction we are gaining in France following our acquisition of Viveo. BforBank is already gaining market share since its launch and we look forward to observing its continued success’, commented Andreas Andreades, CEO, Temenos.
About BforBank
BforBank is a new online private banking model that allows savers to take control of their assets. The site offers useful, customised services and expertise and assistance online as well as by telephone.
BforBank is a 100% subsidiary of the Crédit Agricole Regional Banks and Crédit Agricole SA and offers high-performance solutions to its customers. These services include a savings passbook with an attractive rate, a life insurance policy without subscription fees, and a comprehensive Stock Market and Fund range, including 50 funds specially selected for their performance and offered by reputed companies, and more than 2 000 subscription free funds.
BforBank also provides a knowledge database consisting of articles covering the full range of asset management issues, applications to assist with decision-making and expert content including exclusive videos. Internet users will find on the site everything they could need or use to make better investments decisions directly and effectively.
With over 15 000 clients and 800 million euros in assets in its books on the 31st of December 2009, BforBank beats its first year objectives and confirms its mass-affluent positionning. www.bforbank.com
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with 57 offices worldwide, Temenos serves over 1000 customers in more than 120 countries. Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe. Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations. Temenos is top of the IBS Sales League Table 2009; winner every year since its launch of the Best Core Banking Product in Banking Technology magazine’s Readers’ Choice Awards and ranks 26th in the American Banker top 100 FinTech companies Temenos customers are proven to be more profitable than their peers: data from The Banker – top 1000 banks shows that Temenos’ customers enjoy a 54% higher return on assets, a 62% higher return on capital and a cost/income ratio that is 7.2 points lower than non-Temenos customers.
Most international vendors were discounted at an early stage in the selection process given lack of referenceability, but T24 was shortlisted and eventually selected over local solutions due to its scalability and flexibility. Temenos’ key differentiators against international competitors included its strong presence in France.
‘We are delighted to be working with BforBank in this exciting and truly unique venture. Temenos is providing a number of innovative start ups with an end to end, fully integrated and flexible platform that gives these banks the agility to rapidly launch operations and deliver exceptional services that are revolutionising banking today. We are privileged to have been selected by BforBank as the vendor of choice to take this business model forward ahead of local suppliers, which further reinforces the strong traction we are gaining in France following our acquisition of Viveo. BforBank is already gaining market share since its launch and we look forward to observing its continued success’, commented Andreas Andreades, CEO, Temenos.
About BforBank
BforBank is a new online private banking model that allows savers to take control of their assets. The site offers useful, customised services and expertise and assistance online as well as by telephone.
BforBank is a 100% subsidiary of the Crédit Agricole Regional Banks and Crédit Agricole SA and offers high-performance solutions to its customers. These services include a savings passbook with an attractive rate, a life insurance policy without subscription fees, and a comprehensive Stock Market and Fund range, including 50 funds specially selected for their performance and offered by reputed companies, and more than 2 000 subscription free funds.
BforBank also provides a knowledge database consisting of articles covering the full range of asset management issues, applications to assist with decision-making and expert content including exclusive videos. Internet users will find on the site everything they could need or use to make better investments decisions directly and effectively.
With over 15 000 clients and 800 million euros in assets in its books on the 31st of December 2009, BforBank beats its first year objectives and confirms its mass-affluent positionning. www.bforbank.com
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with 57 offices worldwide, Temenos serves over 1000 customers in more than 120 countries. Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe. Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations. Temenos is top of the IBS Sales League Table 2009; winner every year since its launch of the Best Core Banking Product in Banking Technology magazine’s Readers’ Choice Awards and ranks 26th in the American Banker top 100 FinTech companies Temenos customers are proven to be more profitable than their peers: data from The Banker – top 1000 banks shows that Temenos’ customers enjoy a 54% higher return on assets, a 62% higher return on capital and a cost/income ratio that is 7.2 points lower than non-Temenos customers.