Wescom Credit Union Launches Credit Cards for Local University with Temenos
Temenos (SIX: TEMN), the banking software company, today announced that Wescom Credit Union has launched two credit cards for a local university in Westwood, CA powered by Temenos Infinity the leading digital banking platform.
Based in Pasadena, CA and managing more than $5 billion in assets, Wescom serves individuals across Southern California. As the official banking partner of a local university in Westwood, Wescom wanted to launch an all-new credit card program featuring two new cards – the Bruin Edge Visa® Credit Card and the Bruin Choice Visa Credit Card – tailored specifically to the university’s alumni, current students, and staff. The project builds on the long-time relationship between Temenos and Wescom, which began using Temenos Infinity to support collections and lending in 2012.
Charles Thomas, Senior VP Chief Lending Officer, Wescom Credit Union commented: “Wescom’s lending and collections departments have been the primary users of Temenos Infinity’s technology for more than 10 years. We’re confident that we’ll have adequate support from Temenos as we launch these two new credit cards and future lending products.”
Wescom’s vision was to create an end-to-end digital experience from application through disbursement of funds. The team also wanted to make the application process smoother and easier. Wescom selected Temenos’ API-first technology for robust decisioning, and the ability to configure and streamline the member and employee digital journeys.
Wescom and Temenos developed an application journey with only seven screens, integrated ID verification, and the ability to receive an automated approval for a line of credit in just minutes. The project is part of Wescom’s broader initiative to create a consistent, fully integrated member-centric experience across all digital and physical channels. The enhanced experience also extends to employees, with streamlined processes that make processing an application faster and more intuitive. The credit cards launched with Temenos in July, soon to be followed by auto and personal loans.
Joseph Pellissery, CIO, Wescom Credit Union, commented: “Building better lives is at the core of who we are as a credit union. Our goal for this project is to help the greater Los Angeles university’s community lay the foundation for a long-term, positive financial future with Wescom. Wescom and Temenos partnered strategically to explore ‘the art of the possible’ and create a fully integrated digital ecosystem. Temenos’ commitment to API-first, agile technology, and continuous investment in R&D was a key factor in selecting Temenos Infinity for this project. We are thrilled to be able to make banking better for this local collegiate community, together with Temenos.”
Jacqueline White, President – Americas, Temenos, said: “Banking has not matched up to to the way people now live their lives. Loan or credit card applications haven’t allowed for the interruption of a phone call. Documentation has been manual instead of incorporating data from government identification. Strategies need to evolve from product-centric to person-centric – such as helping students with no credit history access credit so they can lay the foundation they will need later in life. We’re excited that our technology has empowered Wescom to share a new way of banking with the world that is simpler, faster, and most of all: human.”
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