Digital Banking Platform Selection & Testing: A CTO’s Guide for Canadian Credit Unions

The Critical Crossroads: Navigating Your Digital Banking Platform Selection

With Forge’s end-of-life announced, credit unions find themselves at a critical juncture in their digital banking journey. As Central 1 phases out this key platform that has served many Canadian Credit Unions, selecting the right replacement Digital Banking Platform (DBP) becomes not just a necessity but a strategic opportunity. This transition extends beyond a simple platform swap—it’s a chance to enhance digital capabilities, improve operational efficiency, and provide future-proof banking services for members.

Selecting a DBP represents a major technological and financial commitment that will impact your credit union and members for years. The costs of choosing the wrong platform extend beyond the immediate financial investment, including potential member dissatisfaction, operational inefficiencies, and possible remediation expenses. By choosing the right platform, the upsides are significant: enhanced member satisfaction and loyalty, operational cost savings through automation, increased staff productivity, competitive differentiation, and a foundation for future innovation that can drive growth and retention.

Building Your Selection Team

A successful DBP selection requires input from diverse stakeholders across your organization:

Executive Sponsors: Typically the CEO and/or CIO who provide strategic direction and ensure alignment with organizational goals.

Project Manager: Responsible for coordinating the selection process, maintaining timelines, and facilitating communication between stakeholders.

IT Representatives: Technical experts who can evaluate architecture, integration capabilities, and security features.

Member Experience Team: Staff who interact directly with members and understand their needs and pain points.

Operations Staff: Those who will use the platform’s administrative features and can evaluate operational efficiency.

Compliance Officer: Ensures the platform meets regulatory requirements and security standards.

Finance Representative: Evaluates costs and ROI considerations.

Consider forming a dedicated selection committee with representatives from each area, meeting regularly to review findings and make collaborative decisions.

Defining Success: Establishing Clear Requirements

Before evaluating specific platforms, define what success looks like for your credit union:

Business Requirements: Document specific capabilities needed to support your credit union’s operations and member services.

Technical Requirements: Outline integration needs, architecture preferences, and technical specifications.

Member Experience Goals: Define the desired member experience improvements and digital capabilities.

Operational Efficiency Targets: Identify opportunities to streamline processes and reduce manual work.

Strategic Alignment: Ensure the platform supports your credit union’s long-term strategic objectives.

Budget Constraints: Establish clear parameters for initial investment and ongoing costs.

Prioritize these requirements using a MoSCoW approach (Must have, Should have, Could have, Won’t have) to distinguish between essential and desirable features.

Creating Your Selection Roadmap

Develop a structured timeline for your selection process:

Phase 1: Market Research (4-6 weeks)

• Research available platforms
• Gather peer recommendations
• Review analyst reports
• Create vendor longlist

Phase 2: Initial Screening (4-6 weeks)

• Develop RFI (Request for Information)
• Send to vendors on longlist
• Review responses
• Create shortlist of 3-5 vendors

Phase 3: Detailed Evaluation (8-12 weeks)

• Develop RFP (Request for Proposal)
• Schedule vendor demonstrations
• Request sandbox access
• Conduct initial testing
• Select 2-3 finalists

Phase 4: Final Selection (6-8 weeks)

• Conduct POC (if applicable)
• Check references
• Negotiate terms
• Make final selection

Resource Planning: For each phase, identify the team members involved, their roles, and time commitments. Consider whether external consultants or implementation partners should be engaged to supplement internal expertise.

Key Takeaways

• The DBP selection process is a strategic opportunity, not just a technical necessity
• Assemble a cross-functional team to ensure comprehensive evaluation
• Clearly define and prioritize requirements before evaluating specific platforms
• Create a structured timeline with clear phases and milestones
• Allocate appropriate resources to ensure thorough evaluation