Credit Unions and Innovation Case Study: Alterna
Credit Unions and Innovation Case Study: Alterna
CASE STUDY
Credit Unions and Innovation
Alterna
THE PROJECT
Financial institutions face unprecedented change, from the threat of non-traditional competitors and cyber criminals to intensified consumer demands for digital experiences. In this case study, Ontario-based Alterna Savings and Credit Union recognized that consumers were looking for a friction-less banking experience and responded by launching a ground-breaking, fully digital mortgage application.CHALLENGE
Embracing digital was a key part of Ontario-based credit union Alterna Savings’ growth strategy as it looked to expand its services across Canadian communities, compete with established big banks. A digital platform was the foundation of launching their Alterna Bank capabilities nationally as it responded to evolving customer demands for increased online services.THE SOLUTION
Alterna’s existing credit union structure allowed the financial institution to quickly respond to opportunities and form key partnerships for an accelerated rate of innovation adoption. Alterna achieved this through multiple financial technology (fintech) partnerships that addressed consumers demands for more digital offerings.OUTCOME
The strategy of focusing on digital products and services paid off. Alterna launched Canada’s first fully digital mortgage in February 2017. Using the platform, members now are able to apply for mortgages at any time of day, every day and hear back immediately on whether they qualify, via an integrated auto adjudication engine.The digital mortgage was integrated with their member login portal, enabling members to upload all the documents they needed to communicate with the credit union. And as the demand for the digital mortgage service grew, Alterna launched a partnership with NestReady, a convenient real estate search solution for homebuying.
“The economy is shifting and we need to move with it,” says Rob Paterson, CEO of Alterna Credit Union and Alterna Bank. “Millennials are a subscription generation, where they want to pay monthly and forget about it. We need to remove friction in the banking experience, as consumers want information at their fingertips.”
In MNP’s latest whitepaper, Ideas Aren’t Enough: Does your Credit Union Practice Executable Innovation? you will see practical steps to:
- Generate and prioritize ideas Execute on concepts Integrate ideas into the business successfully.
For more information, contact:
Annette Bester, CPA, CA
National Leader, Credit Unions
T: 306.664.8327
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