Consumer expectations around banking services are rising—and customers are increasingly seeking out providers that can offer 24/7 access to products on the digital channel. To attract new customers and retain existing account-holders, it is more important than ever for financial services organisations to offer high-quality online and mobile banking experiences.
Since it was founded in 1939, FirstOntario Credit Union has continued to enhance and extend its range of banking services to grow its client base, which today stands at 126,000 people across the province of Ontario, Canada. To inspire a new generation of customers to engage with its services, FirstOntario Credit Union set out to create its first digital-only channel.
“We aim to grow our membership, and many of our prospects are millennials who prefer to bank online. To meet these expectations for responsive, always-on services, we embarked on a digital transformation.”Michael Walsh, VP IT
Turning Vision into Reality
After evaluating its back-office systems and processes, FirstOntario Credit Union realised that its core banking system would be unable to deliver the performance, scalability and flexibility necessary to support the new digital services.
“Our goal is to shape seamless digital experiences—and without the foundation of a future-ready core banking platform, we knew that we couldn’t deliver our target customer journeys,” continues Michael Walsh. “To solve that challenge, we looked for new technology.”
“For the start, the Temenos team provided valuable guidance; that strong relationship continues today. One aspect of the Temenos methodology that we find particularly valuable is design-led thinking. Temenos helped us accelerate the development process significantly without compromising on the quality of our deliverables.”Michael Walsh, Vice President of Information Technology
Targeting a Future Ready Banking Platform
To prepare itself for digital transformation, FirstOntario Credit Union choose