Croí Laighean Credit Union working with software giant Temenos to transform digital banking

Temenos, the banking software company, today announced that Croí Laighean Credit Union has selected Temenos front-to-back Software-as-a-Service (SaaS) to transform its digital banking.

This strategic move from a legacy, on premise system to a community banking solution powered by Temenos SaaS will

ensure that Croí Laighean has the technology it needs now and into the future to compete on a level playing field with the big banks and fintech challengers.

For Croí Laighean, a strong community presence and the best in digital banking is a winning combination that will help the credit union to differentiate with a service that appeals to members and supports growth.

Croí Laighean Credit Union now has over 38,000 members in its common bond which stretches from Rhode, Co Offaly in the West to Leixlip, Co. Kildare in the East.

The seven branches are: Edenderry, Coill Dubh, Clane, Leixlip, Allenwood, Carbury and Prosperous.

Paul Kennedy, CEO, Croí Laighean, commented: “We are delighted to partner with Temenos to transform our digital banking capability. The Temenos platform puts us on a par technologically with the world’s biggest banks.

The move from on premise software to Temenos SaaS was a strategic decision that will set us up for success long into the future. We are already well on the way to transitioning to the new system and look forward to launching new products and experiences for the benefit of our members this year.”

David Macdonald, President of Europe, Temenos, said: “We are proud to welcome Croí Laighean to the growing community of credit unions choosing Temenos SaaS to accelerate their digital ambitions and attract a new generation of members. The flexible deployment capabilities of our community banking solution is ideal for the credit unions in Ireland, delivering the opportunity for a fully managed service that is secure, resilient and future-proof. This is a big step forward for Croí Laighean and the start of an exciting journey for its members.”

Hosted on Microsoft Azure in Microsoft’s Dublin data center, the service is already in use by a number of other

 credit unions in Ireland, including Capital Credit Union, Credit Union Plus and Tullamore Credit Union. Temenos’ community banking solution offers pre-packaged, front-to-back credit union products, processes and channels, all built on modern cloud-native and API-first technology. It gives Croí Laighean the capability to offer outstanding digital member experiences, bring new products to market faster and achieve efficiencies through increased automation and digitization of processes. Delivered as SaaS, Croí Laighean is always up-to-date with the latest in digital banking technology without the cost and risk of maintaining on premises

systems.

The Covid-19 pandemic has accelerated the shift towards digital banking and Temenos SaaS will help Croí

Laighean to provide more member-friendly services, more efficiently, via mobile app on online. Before the

pandemic, 60% of Croí Laighean members’ weekly transactions were in branch compared to 40% via digital

channels. By the start of 2021, the proportion of weekly transactions via digital had increased to over 80% and

this is trend is only expected to continue.

About Temenos

Temenos AG is the world’s leader in banking software. Over 3,000 banks across the globe,

including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client

interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-

driven front office, core banking, payments and fund administration software enabling banks to deliver

frictionless, omnichannel customer experiences and gain operational excellence.

Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half

the industry average and returns on equity of 29%, three times the industry average. These clients also invest

51% of their IT budget on growth and innovation versus maintenance, which is double the industry average,

proving the banks’ IT investment is adding tangible value to their business.

For more information, please visit www.temenos.com.

For more information, please visit www.clcu.ie