Old banking engine and print technology
Over the past decade, BlueShore Financial has adopted a business strategy that targets potential clients with carefully tailored financial solutions. Consequently, while client growth was moderate at approximately one percent, asset value soared from $600 million to an impressive $3 billion, and deposits per client have increased by more than 60 percent. During those years, BlueShore Financial traditionally outsourced core banking operations and employed offset printers to produce clients’ statements and end-of-year tax forms. However, the outdated banking system lacked flexibility and the business wanted to align statements more closely with its goal of expert financial advice.
Moreover, the outsourcing company was changing the system, potentially increasing the risk of business disruption. “Our legacy core banking engine was virtually a technology island that didn’t support our business strategy,” said Fred Cook, Chief Information Officer, BlueShore Financial.
“We launched a banking system conversion project to identify and deploy a new core banking system. At the same time, we decided to change several business processes, including client communications and print production. We needed to control print materials to satisfy future needs and support our brand image.”
BlueShore Financial conventionally produced 28,000 all-in-one statements and 6,000 business statements each month that gave clients a snapshot of their financial products, which could include chequing and savings accounts, mortgages and/or personal loan details.
Looking to the future
“Printed client communications are shifting from a low-value, high-volume environment to a high-value, low-volume one,” said Cook. “High quality print output gets the attention of clients and they are more inclined to read about new products and services.”
“Gone are the days of just stamping your company’s name on statements. Now we’re looking to support our brand and add value.”
BlueShore Financial wanted to combine credit card, debit card and insurance information into a single statement to provide clients with an overall view of their finances. But the company knew that standard banking software packages couldn’t generate that.
After BlueShore Financial decided to go with Temenos T24, it looked for a complementary client communications software package. “The project had very tight deadlines,” said Cook. “We had to move quickly to the new banking system while ensuring that the new client communications management software solution would be fully functional when T24 went live.”
BlueShore Financial identified three suitable software vendors, and eventually chose Exstream. “They fully understood our time pressures and were prepared to accommodate software implementation in a narrow window of opportunity. The Exstream team also had a great depth of knowledge and a robust track record. They clearly understood our predicament.”