SUCCESS STORY
Digital Card Transformation: Credit Union Reduces Processing Costs by 50%
An innovative suite of applications for a next generation digital card experience, built with OutSystems. Our collaboration with a major Canadian Credit Union on delivered industry best features that result in a 50% reduction in card processing costs, 15% improvement in credit risk assessment accuracy, and a 25% increase in user satisfaction.
Learn more about how this unified self-serve platform is reshaping operational efficiency and member experience.
The background
Our client, a major Canadian credit union, is a cornerstone of community banking since its establishment and has consistently prioritized outstanding service to its credit cardholders. With a strong commitment to member-owned financial solutions, the credit union recognized the importance of adapting to the evolving financial landscape, particularly in the credit card space.
Challenges
In navigating this ever evolving financial landscape, they dealt with a wide range of challenges in their card management processes:
Manual Application Processing
Overcoming reliance on manual credit card application processes to enhance efficiency and accuracy.
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Core System Integrations
Tackling integration difficulties with existing core banking systems to eliminate data silos and workflow disruptions.
Regulatory Compliance Burdens
Adapting to the dynamic regulatory landscape and ensuring credit card applications comply with ever-changing requirements.
Data Security Concerns
Managing and securing sensitive customer data throughout the credit card application process.
Member Experience Expectations
Striking a balance between robust security measures and providing a positive member experience during credit card applications.
Training and Onboarding
Ensuring all staff members are adequately trained and onboarded to effectively use new software immediately.
Our Approach
WAYS OF WORKING
We like to do things a little bit differently.
“With a small, powerhouse team, AF surpassed expectations, urging us to reimagine and build beyond limits. Their ability to deliver more than anticipated is a testament to innovation thriving in focused collaboration.”
Director Card Growth & Products
Major Canadian Credit Union
How do I navigate digital transformation to meet our members’ needs?
Working together in a collaborative partnership, we delved deep into the intricacies of the business to redefine manual processes and reshape their traditional approaches. Understanding the long-term company vision is at the core of everything we do. Leveraging the extensive capabilities of the OutSystems platform, we steered this credit union towards a successful digital transformation.
The result? A tailored card management experience that meets their precise operational needs, and addresses the ever growing expectations of their members.
SERVICES DELIVERED
Driving innovation and long-term success
The services we delivered - spanning product design & development, comprehensive technical solutions, and strategic long-term planning - to collectively transform this credit union’s card management platform
Product Visioning
Ensuring our solutions align to strategic business goals
UX UI Design
Crafting intuitive designs for enhanced member experience
Strategic Roadmapping
Guiding the strategic journey for long-term success
Agile Delivery
Rapid, iterative agile development and delivery
Enterprise Integrations
Integrated with core systems for a seamless experience
Architecture
Establishing the foundation for scalable innovation
Timeline
Chronicling the evolution of our collaborative card platform journey, one milestone at a time
The Solution
Our solution delivers an impressive range of high value features, to users and business alike
Screenshots are for illustrative purposes, with branding and identifiable information removed to ensure client confidentiality.
Compliance Monitoring
Automated validations to ensure compliance with regulatory requirements, in line with industry standards
Credit Check Integration
Seamless integration with Equifax for instant and accurate credit assessments
Automated Decisioning
Automated decision system expedites approvals based on predefined criteria, ensuring consistency and efficiency
User Centric Workflow
An intuitive experience and built-in support features guide users through the process, reducing staff onboarding time
Financial Health Indicators
An intuitive experience and built-in support features guide users through the process, reducing staff onboarding time
Credit Limit Configuration
Easily request and process credit limit increases based on creditworthiness and financial situation
At-a-Glance Cardholder Overview
Comprehensive cardholder overview, ensuring users have the most critical information at their fingertips
Loyalty and Reward Management
Effortlessly manage and track various rewards programs, maximizing value for members
The Impact
The results are quantifiable. Streamlining their card management processes and delivering a unified self-serve platform set a new standard for operational efficiency and member experience.
Reduced card processing costs 1
50%
Credit risk assessment accuracy 2
15%
Increased user satisfaction 3
25%
1 - A 50% reduction in credit card application processing costs, including the employee cost required to facilitate the experience.
2 - Automated credit scoring system results in a 15% improvement in the accuracy of credit risk assessments. This leads to more precise lending decisions and a reduction in loan default rates.
3 - Fully automated banking application leads to a 25% increase in customer satisfaction scores by streamlining account management, transaction processing, and issue resolution.
Business Outcomes
Our solution tackled critical business challenges to help driving long-term business success
Manual Process Improvements
Automated manual credit card application processes to enhance efficiency and accuracy.
Core System Integrations
Seamless integration with the core banking system for consistent data and operational efficiency.
Regulatory Compliance Controls
Built in systematic controls to validate compliance with regulatory requirements.
Data Security
Deploys robust security features to safeguard sensitive member data.
Member Experience Enhancements
Elevated experience through responsive, user-friendly interfaces that simplify the card management process.
Training & Onboarding Improvements
Incorporates onboarding features to facilitate effective use of the application by new employees.
Testimonials
Learn about the impact we made at this credit union in their own words
"Collaborative, proactive and future thinking, focused on client's success, easy to work with."
Senior Cards Product Owner
Major Canadian Credit Union
"Accelerated Focus, a trailblazer in problem-solving, transforms collaboration into solutions. Working with them is not just amazing—it's a journey where innovation meets practicality. Their collaborative, iterative approach crafts solutions tailored for today, with a visionary gaze into tomorrow."
Director Card Growth & Products
Major Canadian Credit Union
"With a small, powerhouse team, AF surpassed expectations, urging us to reimagine and build beyond limits. Their ability to deliver more than anticipated is a testament to innovation thriving in focused collaboration."
Credit Union Team
Major Canadian Credit Union
