Empowering Credit Unions Digitally
A Case Study on Central 1 Credit Union's Collaboration with Product Evolve
Introduction
This case study explores the successful partnership between Central 1 Credit Union and Product Evolve in executing a digital transformation journey. Focusing on the development and launch of digital products, we highlight the key responsibilities undertaken by Product Evolve to empower credit unions across Canada with innovative online banking solutions.
Digital Products
Product Evolve collaborated with Central 1 Credit Union to develop and launch the following digital products, targeting multiple credit unions:
Forge Small Business (Online Banking)
Product Evolve spearheaded the development of Forge Small Business, an online banking platform tailored for small businesses. This product aimed to serve 80 credit unions across Canada, providing them with a comprehensive online banking experience.
Mobile Assistant for Mobile Application
Product Evolve developed the Mobile Assistant for Central 1 Credit Union’s mobile application, offering users convenient access to banking services on their mobile devices. This feature was also targeted at 80 credit unions, enhancing their mobile banking capabilities.
Forge Corporate (Online Banking)
Product Evolve worked on Forge Corporate, an online banking platform designed for corporate customers. This product targeted 20 credit unions, providing them with advanced online banking functionalities to meet the specific needs of corporate clients.
Responsibilities
Product Evolve took on various responsibilities to ensure the successful implementation of digital products for Central 1 Credit Union and its client credit unions:
Scrum Team Leadership
As the lead Product Owner, Product Evolve managed a Scrum Team of front-end and back-end engineers, overseeing the software development lifecycle and ensuring timely and high-quality deliverables.
Conversational AI Development
Product Evolve leveraged their expertise in conversational AI to develop a chatbot for retail banking assistance. This innovative solution enhanced the customer experience by providing personalized and efficient support.
Feature Development
Product Evolve completed various features for Forge Small Business, including Signer & Delegate Log In, Dashboard, Account Summary, Delegate Management, and Linking & Upgrade to SB. They also delivered the Stop Payments feature for Forge Corporate, catering to the specific needs of Vancity, one of Central 1’s clients.
Product Demonstrations
Product Evolve conducted product demonstrations to Central 1 executives and clients, including FirstWest, Vancity, and Servus Credit Unions. These presentations showcased the capabilities and benefits of the digital products developed.
Cross-Functional Collaboration
Product Evolve collaborated closely with a cross-functional team consisting of Technical Leads, Product Owners, Business Analysts, and UX designers. This collaboration ensured alignment and integration across different aspects of the project.
Roadmap Planning
Product Evolve played a pivotal role in drawing up the product roadmap for Forge SME (Small & Medium Enterprise), a new product aimed at serving small and medium-sized businesses. This roadmap provided a strategic vision for future product development and expansion.
Results
The collaboration between Central 1 Credit Union and Product Evolve yielded significant results:
Enhanced Banking Experience
The launch of Forge Small Business and Mobile Assistant provided credit unions with modern, user-friendly online banking platforms. These products empowered small businesses and individual users to conveniently access and manage their accounts.
Increased Efficiency
The completion of key features and the introduction of the Stop Payments feature for Forge Corporate streamlined banking operations for credit unions and their corporate clients, enhancing efficiency and productivity.
Positive Feedback and Adoption
Product demonstrations received positive feedback from Central 1 executives and client credit unions, validating the value and effectiveness of the digital products developed by Product Evolve. The successful adoption of these products by multiple credit unions highlighted their practicality and relevance in the financial industry.
Conclusion
Through their expertise in product development, agile methodologies, and cross-functional collaboration, Product Evolve played a vital role in driving Central 1 Credit Union’s digital transformation journey. The successful launch of Forge Small Business, Mobile Assistant, and Forge Corporate demonstrated the power of innovative online banking solutions in empowering credit unions and their customers. Central 1 Credit Union’s partnership with Product Evolve exemplifies the importance of strategic collaboration and digital innovation in enhancing the financial services landscape for credit unions across Canada.