Putting members at the heart of digital transformation
We empower financial institutions. Our experience and agility are rooted in nearly three decades of close collaboration with Canadian financial communities. It’s
what has allowed us to provide financial institutions with robust technology solutions that are designed to digitize
and streamline processes and help businesses gain a competitive edge in the industry. Let us help you too.
To learn more, visit telus.com/financial-solutions
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MCU: putting members at the heart of digital transformation
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MERIDIAN CREDIT UNION
David Baldarelli, SVP for Meridian Credit Union, keeps member quality of life and security at the heart of digital transformation
A
s a credit union, Meridian (MCU) is 100% owned by its Members: their interests are first. Profits are returned to them not in
dividend payments, but in the form of innovative products, technology and services along with a focus on community and overall member well-being. 04
“We’re ruthlessly focused on our members and employees, we’re really all about focusing on wellbeing: financial, physical and mental,” says David Baldarelli, SVP, Digital & Analytics and COO, motusbank. Baldarelli led the campaign to develop motusbank, a subsidiary of Meridian. It took four years of heavy lifting – both technology build and regulatory approvals – before motus launched in April 2019. The name Motus is Latin for new movement, representing disruption and rebellion, an idea MCU wants motusbank to embody, with a new movement in banking. This new movement is putting customer welfare and a sustainable relationship between the platform and its members at the forefront of its development.
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2005
Year founded
2,000
Approximate number of employees
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MERIDIAN CREDIT UNION
“ The legacy way of doing things is no longer accepted” 06
— David Baldarelli, SVP, Digital & Analytics and COO, MotusBank for Meridian Credit Union (MCU)
MCU is aware that modern cultural shifts have left consumers expecting more from their financial services. “So Financial Institutions in Canada are now being compared to the likes of Google, Amazon, Apple, Uber, because this is who they’re using for their day to day,” says Baldarelli. “They’re expecting the same from financial companies. The legacy way of doing things is no longer accepted.” The financial sector has been forced to adapt and evolve to changing demands from consumers, as younger generations requiring more immediate
CLICK TO WATCH : ‘MOTUSBANK: OUR STORY’
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access to their finances enter the
them for the sort of change they want
market. “Three or four years ago,
to see as members. “One of the
digital didn’t contribute much at all to
biggest things is to never assume that
the overall new membership growth,”
you have the answer,” says Baldarelli.
explains Baldarelli. “When you fast
“It’s important to listen to what your
forward to today, digital is the number
members are saying, to spend time in
one new member acquisition channel
operations, the contact center and
across all of our districts.”
branches as well as obtaining a holistic
The launch of motusbank has realised a surge in new membership for
understanding of the business.” Specifically on digital member
MCU. As new members benefit from a
experience, MCU worked closely with
holistic approach towards banking with
TELUS Financial Solutions. Keith
a company that doesn’t assume the
Nugara says: “Through collaboration
needs of its users but rather approaches
with Meridian, we aligned on its digital w w w.me ri di an cu . ca
TELUS Financial Solutions A partner to help you grow.
We empower financial institutions. Our experience and agility are rooted in nearly three decades of close collaboration with Canadian financial communities. It’s what has allowed us to provide financial institutions with robust technology solutions that are designed to digitize and streamline processes and help businesses gain a competitive edge in the industry. Let us help you too.
AST2756-11-2019
To learn more, visit telus.com/financial-solutions
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E XE CU T I VE PRO FI LE
David Balderelli As Chief Operating Officer of Motus Bank, David oversees and executes go-to-market strategies and is responsible for delivering against the bank business plan. He is responsible for overseeing the strategy, management and execution of Digital Banking and Analytics strategy for both the credit union and the bank. This includes a strong focus on driving a superior digital member experience, operational efficiencies, and member engagement and growth.Â
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MERIDIAN CREDIT UNION
IDVision
TM
with
Is your business fit to fight fraud? With integrated fraud solutions, businesses and consumers can transact more safely and seamlessly in a digital world. By partnering with TransUnion, Meridian Credit Union and Motus Bank benefit from our IDVision® solution which enables accelerated digital identity management. Our advanced analytics and new data assets help lead to greater accuracy which promotes safer lending and a frictionless customer experience.
© 2019 TransUnion Canada, Inc. All Rights Reserved | 19-476718
Equifax® is helping financial institutions with their digital transformation efforts by offering onboarding and authentication services. Ultimately, it is about creating a superior digital experience and facilitating financial well-being.
1.855.233.9226 • equifax.ca © Equifax Canada Co., 2019. All rights reserved. All marks appearing herein are trademarks or registered trademarks owned or licensed by Equifax Canada Co. No part of this document may be reproduced, distributed, transmitted, transcribed, stored in a retrieval system, or translated into any language in any form by means, electronic, mechanical or otherwise, for any purpose, without the prior written consent of Equifax Canada Co.
Visit: transunion.ca/idvision
member experience and national
Financial Solutions enabled us to
strategy, resulting in Meridian’s use
provide members with enhanced
of TELUS Financial Solutions robust
digital financial services coast to coast,
technologies that are designed to
streamline internal processes and
streamline processes and aided
focus on growing our business.”
Meridian to gain a competitive edge by
Demand has led to company
focusing on its member digital journeys.
branches becoming more intercon-
Through this collaboration, our
nected through technology such as
customers will continue to benefit
cloud services, making it much easier
from our respective strengths includ-
to share and process data across
ing strategic and targeted payment
multiple platforms. This comes with its
solutions that enable electronic
own risks though, as cyber security
payment, digital data collection and
threats continue to adapt at a compa-
more efficient analytics.”
rable pace and networks present more
Balderalli adds: “Member journey is
points of entry. Working with MX and
a critical piece of our digital national
Personetics, MCU has developed AI
strategy. Our partnership with TELUS
analytics to process mass data more w w w.me ri di an cu . ca
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MERIDIAN CREDIT UNION
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“ We’re three to four times where we thought we would be in terms of new members and balances” — David Baldarelli, SVP, Digital & Analytics and COO, MotusBank for Meridian Credit Union (MCU)
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MERIDIAN CREDIT UNION
Advert
efficiently, making it possible to identify
their own network and leverage the
and adapt to potential threats across
rapid up-scaling required to keep up
a much larger data sample. “We are
with modern security challenges and
going to have the ability to analyze
the influx of new members. One such
hundreds of thousands of members’
partner was SAS. “We brought in SAS
data and transactions, running it
to the organization and it’s really
through an artificial intelligence engine
allowed us to take our analytics to the
and coming out with valuable, relevant
next level. We’ve started building
and meaningful insights which will help
logistic regression models, and neural
them improve their financial wellbeing.”
network models that basically help us
MCU has built its own proprietary
with identifying credit risk, product
digital and analytics platform, allowing
propensities and helping us segment
them to process member data within
our members.” 15
CLICK TO WATCH : ‘WORKING AT MOTUSBANK’
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MERIDIAN CREDIT UNION
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Motusbank has given MCU a reliable and innovative National platform to growth its membership and enhance its brand. Baldarelli explains the initiative has seen “great success! So far, we’ve seen tremendous growth with motusbank. We’re three to four times where we thought we would be in terms of new members and balances.” This success has put MCU in good stead for the future, but it won’t be without its challenges. “Competition is a big thing on our radar. Especially with the likes of the Facebooks, Googles and Amazons. From an economic perspective, we’ve had a really good run over the past 10 years, but we think those good times won’t be there forever. Finally, our capital is precious. Making sure that we’re leveraging our capital in the right way and optimizing it to ensure we’re getting the most bang for our buck is important to us.”
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www.meridiancu.ca
www.motusbank.ca