This week, Northern Credit Union (Northern) became the first financial services provider in Canada to offer a fully integrated and responsive online account opening and loan auto-decisioning tool, which applies to all account types for retail and business banking. Over the next several months, Northern plans to transition 100 percent of online and in-branch account openings to be completed through this connection.
This integration with Northern’s core banking software is part of the credit union’s innovation roadmap, and continues to strengthen Northern’s capability as a leader in offering members omni-channel solutions for their banking needs.
In September 2014, Northern launched the ASAPP Banking online and mobile account origination solution for retail accounts. In February 2015, the ASAPP solution was expanded to include online and mobile account and loan origination for business banking members under the ‘Small Business Rocks’ banner. In September 2015, Northern launched the ‘Northern Hospitality Line of Credit’ and utilized the ASAPP Banking software to allow members to apply for this product in minutes either online, from a mobile device or in-branch.
Over the past year, nearly 1,000 accounts have been opened online and across all 32 of Northern’s branches through this omni-channel solution. In less than 12 months, over 500 members have opened ‘Northern Hospitality’ and ‘Small Business Rocks’ lines of credit. Northern’s recent deposit campaign saw growth of well over 100% year-over-year, supported by this new innovative technology that helps deliver a member experience aligned with the ‘Northern Hospitality’ brand promise.
The financial industry is in the middle of the most significant change in its existence on multiple fronts. Mobile banking platforms and branch transformations are two key pieces of this digital revolution. “Northern Credit Union has established a strategic priority of being a digital innovation leader for our members,” says Tony Dunham, SVP Innovation and Operations, Northern Credit Union. “Offering a first class member experience through ASAPP’s fully responsive platform, and streamlining our internal business processes will help us continue to embrace this disruptive change and differentiate Northern for our members.”
“We spent the past two years focused on building a robust platform to solve what we believed to be the core challenge for credit unions in Canada: how to find new ways to grow their membership and reduce the average age of the member,” says JR Pierman, President, ASAPP Online Solutions Inc. “Now, we’re excited to add substantial process and cost savings opportunities within ASAPP by integrating with core banking platforms.”
Northern Credit Union and ASAPP Online Solutions will both be in attendance next week at the 2017 National Conference for Canada’s Credit Unions in Halifax.