Navigating Your Digital Banking Future: Key Considerations & Platform Options

Beyond Forge – A Holistic Approach

With the impending phase-out of Central1’s Forge, Canadian credit unions (CUs) must rethink their digital banking strategy. However, Forge is more than just a digital banking platform (DBP)—it also includes essential public website infrastructure, content management (CMS via OpenText Teamsite), and analytics (Google Analytics). A successful migration requires a holistic view of logged-in and logged-out experiences to maintain seamless member engagement.

Additionally, the core banking system is important in selecting the right replacement. The most widely used core banking systems in Canada include:

• Fiserv (DNA® platform) – Used by over 65 credit unions, supporting 800,000+ members.
• CGI (RFS360™ and Fiserv DNA™) – Provides core banking solutions to a wide range of Canadian CUs.
• Temenos (T24 banking software) – Known for its global banking capabilities, including retail and corporate banking.
• Oracle (Flexcube) – A powerful banking platform used internationally.
• FIS (Profile core banking system) – Recognized for its comprehensive banking solutions. 
  
  

Selecting a replacement for Forge must align with both the CU’s digital banking and core banking strategies. This article builds on previous insights from the Forge Migration Leadership Series:

1. Life After Forge: How Credit Unions Can Prepare – Established the urgency and considerations for CUs planning their digital transition.
2. DBP Migration Strategy – Provided a structured approach to migration planning, covering key risks and best practices.
3. Choosing Your Digital Banking Platform: A Comprehensive Vendor Analysis – Analyzed the strengths and weaknesses of major DBP providers, highlighting how they fit into different CU strategies.
4. Choosing the Right CMS for Canadian Credit Unions – Addressed the importance of the public website and CMS integration in digital banking. 

This article now connects these previous insights to help CUs evaluate the best platform options for their needs.

Framing the Decision: Key Considerations Before Choosing a DBP

Before diving into vendor options, CUs should assess the following:

1. Strategic Alignment: Does the platform align with long-term digital goals?
2. Total Cost of Ownership: Beyond licensing, what are the implementation, integration, and maintenance costs?
3. Customization Needs: Does the CU need a turnkey solution or a more flexible, customizable option?
4. Integration Capabilities: How well does the platform work with the CU’s core banking system and third-party services?
5. Scalability: Will it support the CU’s growth over the next 5-10 years?
6. Holistic Member Experience: Does it provide a smooth transition between the public website and the logged-in digital banking platform?
7. Implementation Support: Who will lead the migration, and what ongoing support is available?

Vendor Landscape: Which Platform is Right for Your CU?

Rather than listing vendors alphabetically, we categorize them based on CU needs:

Enterprise-Grade Solutions (Best for Large CUs & Banks)

These platforms offer robust, scalable solutions with advanced features but may require significant investment and customization.

• Backbase – A well-established engagement banking platform with extensive customization options.
• Temenos Infinity – A global leader in banking solutions with strong core integration.
• FIS – A comprehensive platform with extensive banking capabilities.
  
  

Mid-Sized CU Solutions (Balancing Customization & Cost)

These platforms provide strong feature sets while offering flexibility in implementation.

• eBankIT – Selected by Alterna and Coast Capital, known for its omnichannel digital banking flexibility.
• VeriPark – Strong Microsoft integration but limited Canadian delivery resources. Used by Innovation CU.
• Intellect Design Arena (ID) – with global expertise in digital banking. Central1 selected ID to operate the Forge platform during this migration.
  
  

Smaller CU & Niche Players (Turnkey & Budget-Friendly)

For smaller CUs seeking cost-effective solutions with fast implementation and innovative digital solutions.

• Plumery – A newer player leveraging modern tech for future-ready banking.
• Bankingly – A cloud-based, mobile-first option designed for smaller institutions.
• Bankjoy – Prioritizes a modern, intuitive user experience with strong UI/UX.
• Smart Solution – A Canadian fintech focused on smaller financial institutions.
  
  

The Holistic Experience: Public Website & Digital Banking Platform

While selecting a new DBP, CUs must also consider how the public website and analytics will be managed post-Forge. Most CUs using Forge rely on OpenText Teamsite for Content Management System (CMS) and Google Analytics to track member behavior. Transitioning away from Forge means:

• Ensuring the public website and DBP work well to create a frictionless user experience.
• Re-evaluating CMS solutions (e.g., WordPress, Adobe Experience Manager) for future-proof content management.
• Selecting advanced analytics tools that provide actionable insights into member engagement, such as Adobe’s Omniture.

By considering these factors, CUs can ensure a smooth and future-proof migration that enhances both logged-in and logged-out experiences.

What’s Next? Tailoring Your Selection Process

Now that we’ve explored platform options, the next step is creating a structured evaluation framework to compare them effectively. In our next article, Tailored Selection Criteria for Your Next DBP, we’ll break down how CUs can:

• Identify must-have vs. nice-to-have features.
• Develop a scoring system for platform selection.
• Align technology decisions with member needs.

Stay tuned as we continue to navigate the Forge migration journey together.