We are excited to announce MCU will soon be able to welcome new members through an innovative online and in-branch account opening solution developed by thirdstream. Get more details in the full press release below.
Momentum Credit Union joins the Fintech fray with thirdstream’s account origination solution
Momentum Credit Union of Hamilton, Ontario, Canada will soon be offering its members the ability to open accounts with full compliance online or in-branch with ease from any device using an account origination solution developed by thirdstream.
Leadership for the $170 million credit union said the thirdstream solution (cumulus) is the most innovative origination platform in the industry. It brings together in-branch and online account opening with the assurance of 100% compliance. Not only is it fully integrated with the Fiserv DNA Core platform, it also aligns front and back office operations, streamlines the sales and administrative processes and delivers an outstanding, consistent member experience across all of its branches and online channels.
Implementing the highly scalable thirdstream solution will position Momentum Credit Union for growth. As the first credit union in Canada to offer this omni-channel origination platform, it will also establish Momentum as a clear leader in the area of Fintech and innovation.
Malcolm Stoffman, Momentum CEO says, “We are enthusiastic about the opportunity to partner with thirdstream in this Fintech venture to implement their online, in-branch and lending platform. It aligns with our business goals and we recognize that it could have positive impact on our organization in many ways, from creating cost-saving efficiencies to better meeting the changing needs and expectations of our members.”
“We’re very happy to welcome Momentum Credit Union to the thirdstream family,” says Keith Ginter, thirdstream CTO. “We’re proud to partner with progressive credit unions like Momentum Credit Union that are looking to grow through innovation, excellence and leadership. We see Momentum as the true experts where account opening is concerned. Their front line staff deal with it every day, while their back office teams recognize the deep value of what needs to be streamlined for efficiency and profitability. We will look to these experts to inform our process, guide emerging functionality decisions and to provide ‘real world’ knowledge. A partnership like this solidifies our commitment to continue delivering the best account origination solution in the industry.”
Onboarding is an increasingly pressing matter for banks and credit unions. It requires a balancing act between the right application that allows ease of use for the end user while ensuring that all regulatory requirements are met. thirdstream’s onboarding solution is fully compliant with every current banking regulation and designed to anticipate and easily accommodate future requirements. This cost-effective solution can be easily implemented with minimal organizational impact. cumulus is gaining significant momentum among credit unions and banks seeking an end-to-end, lower cost solution that can be installed quickly and support their immediate and long-term onboarding goals.
Stoffman agrees. “From the advanced feature functionality of thirdstream’s comprehensive onboarding solution to the rapid, low-impact deployment, thirdstream is clearly the Fintech expert when it comes to account opening. Given that onboarding is the sole focus of their business, we trust in the depth of knowledge and expertise that this company brings to the table.”
Momentum Credit Union (MCU) is an independent financial co-operative with 11,000+ members and assets of over $170 million. Proudly serving the local community for over 75 years, the credit union offers a full selection of financial products and services including deposits and investments, personal loans, residential and commercial mortgages, and professional financial planning and advice.
MCU has recently made significant efforts to streamline the banking experience for its members with a vision of serving them in the most simple, affordable and convenient ways possible through multiple channels including online and mobile banking, a mobile banking app, a full-service Solution Centre, and a network of four branches. Members of MCU enjoy the benefits of being member-owners of the organization sharing in the profits of the credit union and giving back to their local communities through credit union initiatives.
thirdstream, headquartered in Lethbridge, Alberta, is Canada’s leading provider of in-branch and online consumer and business onboarding solutions. Serving clients in every regulatory jurisdiction from Quebec to British Columbia, thirdstream’s onboarding experience solutions serve 19 FIs across Canada, representing more than $287 billion in assets. thirdstream is continually evolving its product line, allowing clients to pay a modest monthly fee for an onboarding solution that offers continual and seamlessly delivered improvements.