Digital transformation is top-of-mind for commercial banks and credit unions of all sizes. That’s because digital platforms promise to help them compete in a challenging environment. They can help banks reduce their reliance on legacy systems, which often can’t keep up with evolving market conditions, increasing regulatory requirements and rising customer expectations.
Canada’s largest community credit union, Vancity, recognized that it could better serve its more than 543,000 member-owners and their communities if it went digital. The credit union offers a full range of financial products and services, including deposits, loans, investments, credit cards and foreign exchange.
Wanting to grow its commercial lending business and replace a 15-year-old legacy system with a more agile solution, the credit union enlisted Accenture’s help. The aim was to take advantage of nCino’s cloud-based platform to deliver an improved, tailored experience that meets the evolving expectations of members and employees.