Windsor Family Credit Union launches digital banking service in Canada

Tuesday, February 2, 2016

Canada-based Windsor Family Credit Union (WCFU) has launched a new digital banking service, omnia direct, for the Canadian market.

WCFU is looking to expand its services beyond Windsor and grow in Ontario, a province in the east of the country.

‘This will be our tenth branch but the difference is that it won’t be a branch built out of bricks and mortar but rather digital,’ says Eddie Francis, former City of Windsor Mayor and EVP, operations and member experience at WFCU.

The credit union certainly wants to cover all bases. It says although omnia direct includes an online application, its members can reach a representative by calling a dedicated contact centre.

WFCU also cited a 2014 Abacus Data (market research) report ‘How Canadians Bank’. The report says the ‘internet is now the main means of banking for 55% of Canadians’ and that ‘mobile banking is increasing in all age groups, with 43% of Canadians expecting to conduct their banking using mobile devices in the near future.’

WFCU is the sixth largest credit union in Ontario with nine retail locations and 35,200 members including 31,600 personal members in 16,000 households, 2,100 businesses and 1,500 organisations. It has $2.4 billion in managed assets and member service totals of $3.3 billion.

The true north

There has been a lot of activity in Canada – with the digital banking space particularly lively.

Fiserv won three new credit unions over to its side in British Columbia, Canada, with each choosing the vendor’s DNA account processing platform.

Equitable Group launched EQ Bank, a banking service based entirely online and on mobile. It is underpinned by Temenos software: T24 for core banking, Temenos Connect for channels and Insight BI for business intelligence and analytics.

Another Temenos project underway in Canada is at FirstOntario Credit Union. The credit union is replacing Fiserv’s Signature with T24. FirstOntario will also deploy Temenos Connect and Insight BI.

Finally, digital-only Tangerine Bank, released a new chat service that will allow customers to make transactions and talk to staff about confidential banking matters without having to call or visit a branch.

By Antony Peyton.