BforBank, the new online private bank of Credit Agricole runs Temenos

BforBank to deliver unique private banking experience to the French […]

July 22, 2010

BforBank to deliver unique private banking experience to the French mass affluent market

Temenos, 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 24×7 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 24×7 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.
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