Plumery has launched Canada-specific features and integrations in order to provide credit unions in the region with a clear path to deliver improved digital banking experiences.
Following this announcement, the collaboration with Aequilibrium, with their deep knowledge of the Canadian regulatory landscape and user experience design, is expected to ensure that Plumery’s Canadian-ready platform is built around how individuals in the region, especially credit union members, expect to bank.
In addition, though Canada’s banking sector is among the most developed globally, several credit unions are held back by outdated infrastructure. Meanwhile, members are demanding personalised, secure, and mobile-first digital journeys. With this in mind, in order to meet these needs, Plumery has localised its platform with features tailored for how Canadians bank. These include everyday payments and transfers such as bill payments, cheque deposits, and Interac e-Transfers, support for Canadian savings and lending products, banking capabilities like bulk payments and payroll management, as well as compliance and user experience features (these will include bilingual English/French support, privacy and data residency adherence, as well as accessibility standards).
More information on Plumery’s expansion of its digital banking platform in Canada
According to the official press release, Canadian financial institutions are currently facing heightened customer expectations, stiff competition from fintechs, as well as growing pressure to modernise legacy systems. At the same time, these pressures have been amplified by Central 1 Credit Union’s recent announcement that it will wind down its Forge (formerly MemberDirect) digital banking platform, a system that, until recently, served over 170 credit unions across Canada.
This represents both a risk and an opportunity for credit unions, as they are required to now plan for a replacement quickly, and also have the chance to adopt a platform that gives them improved control and the ability to compete on user experience.
According to officials of Plumery, with Forge winding down, Canadian institutions and organisations have the opportunity to modernise on their own terms, rather than being tied to outdated systems. Plumery’s platform is set to provide a quick, secure, and optimised option that enables credit unions to have control over their experiences. Furthermore, by working with Aequilibrium, the company aims to combine global banking developments with local expertise in order to deliver experiences that meet the needs of Canadian credit unions’ members.
