The bank has long-term partnerships with major technology providers to ensure that its services satisfy its customers:
Quebec, Canada-based Laurentian Bank is a 170-year-old institution, with some 3300 employees, $44 billion in balance sheet assets and $29 billion in assets under administration. It is a member of the Canada Deposit Insurance Corporation. The bank has an avowed mission of helping its customers improve their financial health and it is guided by values of proximity, simplicity and honesty. The bank has products to cater to the needs of retail clients through its branch network; it is a known provider of assistance to Canada’s MSME customers too.
The bank has a rugged technology platform. All of its service offerings are automated and delivered using a state-of-the art digital infrastructure.
The bank, and its subsidiary, B2B Bank, are on the latest version of core banking software, Temenos’ T24. It has also deployed Temenos’ Insight tools for reporting and analytics. Called RetailSuite, the system was integrated by Deloitte.
SUBSIDIARY BANK
The bank’s subsidiary, B2B Bank, is one of the leaders in providing banking products and services and investment accounts through financial advisors and brokers. It has some 27,000 financial advisors and brokers and through them it offers a broad range of products and services to consumers including, investment and RRSP loans, mortgages, GICs, banking services, and investment accounts.
The bank had engaged IT and business consulting services company CGI to help it achieve its digital transformation targets. CGI is also assisting the bank to enhance and streamline the end-user experience for external as well as internal customers. What is unique about the collaboration is that both the entities will make contributions towards a co-innovation fund that is created to help the bank utilize CGI’s business and technology services to offer an improved end-user experience.
CLOUD: CUSTOMER EXPERIENCE
The bank already has a partnership with IT and infrastructure services company Kyndryl for helping it in its migration to the cloud. The bank had deployed a hybrid multi-cloud environment, which enables it to provide engaging customer experiences and digital capabilities. Kyndryl has created for the bank a new cloud landing zone leveraging cloud platforms like Microsoft Azure. This will enable the bank’s digital platforms to function efficiently and securely, and customers can enjoy an optimal and experience at all interaction touchpoints.
The bank has engaged Cogeco Data Services to manage its corporate telecommunications across Canada. Cogeco now has upgraded the entire telecommunications network and the technology infrastructure that supports some 225 offices and 425 ATMs. It is using a customized solution to support the projected business growth and evolving customer needs, by incorporating a high-speed bandwidth component that allows for smooth management of our extensive and frequent transactions.
The bank has a mobile app that makes daily banking easy. Using the app, a customer can view account balances and transaction history, move money between accounts, use Interac e-Transfer to send money, pay bills, including variable bill payments, view credit card balance and payment details, find a branch, view Message Centre and all these with a 2-step verification and biometric login.
DIGITAL ACCOUNT OPENING
The bank has a digital account opening solution developed by Canadian firm thirdstream, which offers customer acquisition solutions to banks. The platform helps the bank’s customers to open accounts anywhere, anytime and from any device. The solution, built on an API platform, also incorporates a fraud prevention and identity verification tool.
Laurentian Bank provides personal banking, business banking and real estate and commercial financing to its customers across Canada and the United States. The bank has been offering transaction assistance all across Québec. Its staff guides customers through the various electronic solutions available and regardless of one’s level of technological knowledge, there is step-by-step guidance – may be at an ATM or even its highly tech-based LBCDirect transactional platform, online or by telephone. Its HISA offers an everyday rate of 3% to help customers grow their savings faster.
The bank has a mobile app that makes daily banking easy. Using the app, a customer can view account balances and transaction history, move money between accounts, use Interac e-Transfer to send money, pay bills, and many other banking related activities.
DIGITAL ONLY BANK
Laurentian Bank has a digital only bank, called LBC Digital. The bank has said the aim of launching the online only bank is to help Canadians improve their financial health. Like other digital banks, there is no fees and customers get a high interest rate.
LBC Digital offers 3 core services – high interest savings account, a chequing account, and Guaranteed Investment Certificates (GICs). For the savings account, a customer is offered 1.15% interest, which is currently the highest in Canada. Also, there is no minimum balance required and no monthly account fee. For LBC Digital Chequing Account, there is no minimum balance required and no monthly account fee. There is also free access to the Exchange Network of ATMs.
This article has been compiled based on publicly available information on the web, particularly the bank’s own website.
mohan@bankingfrontiers.com
