Digital Transformation in Credit Union Coalitions
As Central1 phases out the Forge digital banking platform, Canadian credit unions face a critical turning point in how they engage with their members digitally. This platform transition involves more than a technical migration; it is an opportunity to reimagine digital banking. Aequilibrium has successfully guided credit unions through complex digital transformations, and we know from experience that shared resources and collective wisdom can transform challenges into strategic advantages. Coalition-based approaches to platform migrations can be a competitive lever that builds on credit unions’ cooperative values. Mariam Ordubadi, Aequilibrium’s Marketing Manager sat down with Carrie Forbes, the former CEO of League Data, to ask about the benefits, pitfalls, and challenges of these coalition decisions.
Carrie brings over 25 years of experience driving strategic change in complex, regulated industries. As CEO of League Data (2020–2024), she led one of Atlantic Canada’s largest fintech transformations—a core banking renewal across 46 credit unions—modernizing technology and redefining governance. Previously Chief Strategy Officer, she built fintech partnerships and boosted operational efficiency. Her public sector work in Nova Scotia shaped her broad approach to digital transformation. Now founder of Rockstar Advisory, Carrie continues to lead with collaboration, creativity, and governance excellence. In 2024, she was named International Woman of the Year by the Open Banking Expo Awards for her contributions to diversity and innovation in fintech.
The Turning Point – Understanding the Forge Transition
Mariam Ordubadi: Thanks for sitting down with us, Carrie. The phase-out of the Forge digital banking platform is a major shift for Canadian credit unions. How do you see this transition impacting the industry?
Carrie Forbes: This transition is both a challenge and an opportunity. Forge has been a central part of many credit unions’ digital banking strategies, so its sunset creates an urgent need for a new solution. However, this is more than just a platform swap—it’s an opportunity for credit unions to rethink how they engage with their members digitally.
Mariam Ordubadi: What are some of the biggest risks you see for credit unions making this transition independently?
Carrie Forbes: The biggest risk is navigating this change in isolation. Without a coalition approach, each credit union must independently evaluate vendors, negotiate contracts, and manage implementation. This can mean higher costs, longer timelines, and a greater likelihood of missteps.
The Power of Collective Negotiation
Mariam Ordubadi: Speaking of coalitions, one key advantage is group purchasing power. How does that benefit credit unions in vendor negotiations?
Carrie Forbes: Individually, credit unions don’t have the same negotiating leverage as larger banks. Vendors offer their best pricing and resources to institutions with the most volume. However, when credit unions join forces, they create a larger collective demand that shifts the power dynamic. We’ve seen cost savings of 8-12% through coalition negotiations, and implementation costs can be reduced significantly—sometimes by as much as $1.2 million.
Mariam Ordubadi: Besides cost, how else does a coalition approach change vendor relationships?
Carrie Forbes: Vendors prioritize coalitions because they represent multiple institutions, making them more strategic clients. Coalitions receive better implementation support, dedicated vendor teams, and even influence over platform features that would otherwise be dismissed for a single credit union.
Reducing Risk Through Shared Implementation
Mariam Ordubadi: Let’s talk about implementation. What are the risks of going solo versus joining a coalition?
Carrie Forbes: Implementing a new digital banking platform is complex. Credit unions that go solo must build their migration plans, testing strategies, and member communication processes from scratch. This is resource-intensive and increases the risk of delays.
A coalition approach spreads the workload. Shared testing frameworks reduce the time and effort for each credit union, and common implementation strategies ensure a smoother rollout. We’ve seen coalitions shorten testing time by 30-40%, significantly reducing the risk of project overruns.
Mariam Ordubadi: When challenges arise, how does a coalition help?
Carrie Forbes: If one credit union encounters an issue, the solution benefits everyone. This collective problem-solving approach accelerates troubleshooting and prevents others from making the same mistakes.
Standardization vs. Customization – Striking the Right Balance
Mariam Ordubadi: Customization is often seen as a strength, but your experience suggests it can be a barrier. Can you elaborate?
Carrie Forbes: Customization feels beneficial in the short term, but over-customized solutions can lead to long-term inefficiencies. When every credit union builds its own unique implementation, future upgrades become more difficult, vendor support becomes fragmented, and collaboration opportunities are limited.
Mariam Ordubadi: So how can credit unions balance customization and standardization?
Carrie Forbes: The key is identifying what truly needs customization and where standardization adds value. Standardized implementations simplify future upgrades, create more opportunities for shared services, and hold vendors accountable to supporting common configurations. This flexibility ensures credit unions can grow without being locked into a rigid system.
The Future of Credit Union Digital Transformation
Mariam Ordubadi: Carrie, what’s your biggest piece of advice for credit unions navigating this transition?
Carrie Forbes: Collaboration is the future. Credit unions were founded on the principle of cooperation, and that principle applies to digital transformation as well. Coalition-based approaches can make transitions smoother, reduce costs, and position credit unions for long-term success. Collaboration isn’t necessarily easy, but the long term benefits are worth it.
Mariam Ordubadi: How do you see credit unions evolving in the digital banking space over the next few years?
Carrie Forbes: Credit unions that embrace a collaborative approach will be more agile and competitive. Shared resources, collective knowledge, and strategic vendor relationships will allow them to deliver the digital experiences to their members desire. The Forge transition is just the beginning—how credit unions respond now will shape their future for years to come.
Mariam Ordubadi: Thank you, Carrie. Your insights are invaluable, and we appreciate you sharing your expertise on how credit unions can turn this transition into an opportunity for growth.
Canadian credit unions migrating off the Forge platform are presented with a rare inflection point—an opportunity to do more than replace a system. This is a chance to realign digital strategies with the core values of cooperation, innovation, and member service. Carrie Forbes’ experience proves that when credit unions lean into collaboration, they unlock not just cost savings and operational efficiencies, but strategic strength. Coalition-based digital transformation isn’t just a tactical solution—it’s a pathway to long-term resilience and growth. The future belongs to credit unions that move together.
Join Aequilibrium for a free, personalized workshop to explore how your credit union can lead this shift with confidence and tools for success. Backed by real-world experience and guided by insights from transformation leaders like Carrie Forbes, we can help you:
- Evaluate your options beyond Forge
- Explore coalition-based strategies to reduce risk and cost
- Design a roadmap aligned with your unique goals and values
Don’t go it alone. Schedule your free digital migration strategy workshop with Aequilibrium today.
