Canada-based community credit union Vancity has joined forces with cloud-native financial technology company Intellect Design Arena in a move to drive its digital transformation.

Through the seven-year partnership, Vancity will leverage Intellect Design Arena’s digital engagement platform (DEP) for retail and small and medium enterprise (SME) digital experience.

The credit union will also utilise the Indian fintech company’s contextual banking experience (CBX) for commercial digital experience.

Vancity chief technology officer Wendy Murphy said: “At Vancity, we have been searching for the right partner to help us revolutionise our digital platforms and enable us to deliver our impact-focused, values-driven products and services to our members through a modern, intuitive and seamless digital experience.

“We feel we’ve found the right partner in Intellect Design Arena, and a technology partner that understands our needs and will enable us to deliver on our commitment to meet and exceed our member expectations.”

According to Intellect Design Arena, the digital transformation will encompass engagement across Vancity’s onboarding, account services, payments and transfers, digital lending, cards, and back office.

The DEP and CBX implementation will be facilitated on a fully managed cloud platform. This emphasises a strategic shift towards scalable and secure digital member experiences, said the fintech firm.

Powered by open finance platform, DEP and CBX will allow Vancity to provide extensive banking and lifestyle services including retail onboarding and SME onboarding in a short time.

The Canadian community credit union will also offer personal financial management and social banking.

Besides, Vancity will be able to use a robust portfolio of user journeys and curate new ones in a codeless manner to address the changing needs of retail and SME members. It will also deliver complete visibility of member portfolios through intelligent dashboards and insights.

Intellect Design Arena Intellect Global Consumer Banking (iGCB) CEO Rajesh Saxena said: “This collaboration is a testament to our shared vision of delivering exceptional member experiences through innovation and digital transformation and our commitment to the Canadian market.

“Our DEP and CBX platforms are designed to cater to the dynamic needs of modern financial institutions, and we’re excited to see how this partnership will enable Vanity’s offerings.”

Headquartered in Vancouver, Vancity is said to cater to the needs of 570,000 member-owners and their communities. It has C$35.5bn in assets plus assets under administration.