The Credit Union Technology Forum (CUTF) took place June 5 – 8 in Halifax, Nova Scotia, co-hosted by four of the most well-known credit unions in North America: Celero, Central 1, League Data and the Prairie Payments Joint Venture. The Aequilibrium team was fortunate to sponsor the event and attend as exhibitors, showcasing our strengths as a platform integration and payment modernization solution provider. Here are 3 takeaways from such an exciting event.
1. Collaboration is the new competition.
The key theme of CUTF 2023 was ‘Collaboration’. While often called “coopetition,” the hosts combined their efforts to create this CU Tech Forum, an efficient way for credit union delegates and technology partners to collaborate and co-create tailored solutions. Ample opportunities were created for attendees to connect, share ideas and explore potential partnerships.
2. Digital transformation is top of mind for competitive credit unions.
Many of the sessions, panels and speakers were technology experts who shared their perspectives on how technology continuously evolves the credit union landscape. With great keynote speeches on artificial intelligence, machine learning, digital identity, open banking and payments, attendees took away a ton of key information about how this technology will shape their digital strategy. Outside of the massive stage room, there was an exhibit hall showcasing the latest fintech products and services from leading companies working with Canadian Credit Unions, like Aequilibrium. Coming from the AWE conference in Santa Clara and the recent announcement of Apple’s Vision Pro spatial computing device, Aequilibrium showed demos of their work in XR for collaboration, onboarding, employee training, and digital twins.
3. Networking with other Credit Unions is essential for long-term survivability.
CUTF has provided many opportunities for networking with credit union peers, hosts, partners, and clients nationwide. The abundance of opportunity to chat with these incredible people allowed our team to collaborate with various credit unions on joint projects, and exchange field knowledge. Through these conversations, we identified the biggest pain points for credit unions, and what solutions we could provide. For those interested in elevating your member experience, focus on the following: payment modernization and open banking.
Extra: A few key insights from Sessions, Panels and Speakers
This year’s forum featured thought-provoking keynote speakers, panel discussions, and breakout sessions on various topics, including digital banking, open banking, payments, cyber security, and more. Here are some of the key takeaways that I took from some intriguing discussions:
- The Future of Payments in the Credit Union System: Users want to know where their payment is going, each step of the way. The biggest challenge is tactically integrating payment modernization into the everyday financial decisions that our users make. Michael Nolan, Head of Digital Strategy and Business Architecture, PPJV; Erick Wong, Chief Product Officer, Central 1; Tracey Black, President and CEO, Payments Canada
- Digital Identity for Canada’s Credit Unions – Opportunities, Challenges & Progress: When it comes to banking, your digital identity is your passport. Your credit union should prioritize the user’s digital ID to cultivate faster, safer, and easily verifiable methods of banking. Drew Wilczynski, Executive Director, CUCC (moderator), Neil Butters VP, Digital ID Product, Interac; Jodi Chambers, Chief Strategy and Innovation Officer, Cornerstone Credit Union; Ramanathan Narayanan, VP of Technology, Vancity
- Open Banking, Fintechs and Credit Unions: There are lots of opportunities for credit unions to leverage the benefits of open banking, which include increased competition, innovation, and access to new markets. However, they come with stark challenges as well, such as regulatory considerations, data security issues, and design obstacles. At the end of the day, the goal is to create a more equitable and inclusive banking financial system. Deborah Moore, VP Service Delivery, Celero (moderator); Sabena Sandhu, Manager of Policy, CCUA; Carrie Forbes, CEO, League Data, Donna Galloway, Member Board of Directors, Open Finance Network Canada; Mike Elchuk, Executive VP & Chief Information Officer, Affinity Credit Union
Final Thoughts
Overall, the event was a success, and I would like to congratulate the four co-hosts for all the effort involved. The entertainment and conversations were incredibly delightful, and spoke volumes about the warmth of East Coast hospitality, despite the intense fires and rainfalls in the area.
I look forward to attending the next event. I love the idea mentioned by Richard Hannah, CEO at Celero, about taking the event to the next level with a North American focus.
Soon, we’ll be bringing what we learned to the World Credit Union Conference in our beautiful home city of Vancouver, where Aequilibrium is a top sponsor once again. I hope to see you there!
