Meridian Credit Union – December 2019.pdf

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

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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.

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“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

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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.”

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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