Technicost Company Research Report

Company Overview

Name: Technicost

Mission: To provide first-class tools and support necessary to facilitate customer experiences, ensuring that their clientele are satisfied and their experiences seamless and efficient.

Founded: 1982

Founder(s): No information is available

Key People: Former CEO Dominic Paquette (retired as of 2019); current CEO Yves Gagnon

Headquarters: Montreal, Quebec, Canada

Number of Employees: No information is available

Revenue: No information is available

Known For: Technicost is known for providing successful Loan Origination System (LOS) solutions specifically catered to Canadian Credit Unions. The company delivers dynamic, unrivaled credit software solutions to over 100 financial institutions nationwide.

Products

LOS - Loan Origination

Description: Technicost's LOS is a comprehensive software solution designed to make the loan process stress-free and efficient.

Key Features:

Designed for Canadian Credit Unions.

Cuts loan completion time significantly.

Simplified, all-in-one system for managing the status of pending loans.

LOS - Decision System

Description: This system focuses on improving the accuracy and efficiency of loan decisions.

Key Features:

Answers delivered in under two minutes.

Speedy yet precise decision scoring based on custom decision matrices.

LOS - Online Loan Application

Description: A zero-installation platform allowing customers to apply for loans, mortgages, and lines of credit online.

Key Features: Provides convenience and flexibility for potential loan applicants.

Web Express Transactions

Description: A payment processing software that centralizes all types of transactions, enhancing client experiences.

Key Features:

Facilitates recurrent transactions smoothly.

Eliminates outdated payment methods, such as cheques.

LMS - Loan and Mortgage Systems

Description: Automates all activities related to loan servicing, from personal and commercial loans to mortgages.

Key Features:

Ensures neat management of all loan portfolios in a single, accessible location.

KYC - Know Your Customer Software

Description: A leading software solution in the market for identity verification and fraud prevention.

Key Features:

Integrates five levels of security to detect and prevent fraudulent activities in a single system.

Financial Commitment and Follow Up

Description: Facilitates the management of client assets when applying for loans, ensuring deadlines and document requirements are met.

Key Features:

Includes monthly reports and comprehensive tracking of loan conditions and rates.

Recent Developments

New Partnerships

October 23, 2024: Announced a partnership with Thirdstream to offer integrated deposit account onboarding and loan origination solutions to credit unions, addressing shared financial needs.

Acquisitions

January 9, 2024: League Data Ltd. acquired Technicost from Co-operators Financial Services Ltd.

Product/Feature Enhancements

July 14, 2020: Integration of Biometric Behavioral Identity Authentication into its software for enhanced security against identity fraud.

June 3, 2020: Optimization of eSignature service in collaboration with DocuSign for Technicost's Loan Origination forms.

Strategic Movements

September 2, 2020: Transitioned to R2i cloud infrastructure to enhance security and offer highly-protected environments certified by ISO27001 and ISO27018 standards.

Note: No further news regarding additional new products or key personnel changes is available at this time.