connectFirst Credit Union: Banking on Calgary's bright future
Calgary-based connectFirst Credit Union is on a mission to reinvent the modern banking experience.
Kendra Holland, the interim CEO, has spent nearly three decades in financial services from retail, agriculture and business banking to risk management and strategy. She sees connectFirst as an opportunity to change the way Albertans think of and engage with credit unions.
“Most banks’ business models are very traditional. To reimagine the entire value proposition is really exciting. We’re creating a digital-savvy modern banking experience that also boasts the superior member experience you expect from a credit union.”
Kendra Holland, interim CEO, connectFirst Credit Union
BRANCHING OUT IN THE COMMUNITY
Calgary companies are forecast to lead the $20 billion digital transformation spend in Alberta and innovators like connectFirst are taking the lead, while maintaining a strong face-to-face presence in communities.
In fact, this priority on innovation with a focus on community-building is a key driver in the economic strategy, Calgary in the New Economy.
“As we transition, no institution is better able to manage expectations and provide personalized service. connectFirst is the right organization, at the right time, to help Albertans through today’s opportunities and challenges,” said Holland.
At a time when many banks are reducing their physical footprint and encouraging clients to use digital tools, connectFirst is expanding its branch network in Medicine Hat and Calgary.
“We believe branch locations are important to connect with communities, project our expertise, support small businesses and help people make better decisions.”
The company has identified an opportunity to redefine credit unions for the 21st century.
“We offer a digital-savvy modern banking experience with the high-touch member experience you expect from a credit union. We understand the markets you work and live in better than anyone, because we’re right here in the community,” said Holland.
This emphasis on personalized service is really working: today, connectFirst is one of the fastest growing credit unions in Canada.
“At connectFirst, we want to help people feel better about their financial future. We do that by creating a bespoke experience that feels deeply personal,” said Holland.
“In the digital world of big banking there can be an impersonality – you fill out forms and an AI chatbot generates a response. We do everything we can to make exceptions, rework formulas and find a way to get to ‘yes.’ It’s the exceptions that make a credit union important. It makes a world of difference for real people.”
For example, connectFirst offers the lowest-cost unlimited banking package in the province, less conventional kinds of financing and provides members with access to specialists who can guide financial decision making.
“Small businesses, in particular, will drive our future,” said Holland, “so we want to help them be successful and make their banking affordable. We express our values via the products and services we offer and the personal experience we provide.”
CALGARY: A FINTECH HUB
“The presence and influence of such globally promising fintech companies and their executives – in Calgary – inspires us and helps us think and behave more like a fintech. It also creates a healthy ecosystem in which we can thrive.”
connectFirst benefits from the relatively high number of people in the Calgary marketplace with fintech acumen. The city’s fintech ecosystem is growing, and people here can build a complex career path in the industry.
According to Accenture, 80 per cent of Alberta’s fintech firms are located in the city including major players Solium Capital (acquired for $1.1 billion by Morgan Stanley), Symend, Helcim and Neo Financial.
“The presence and influence of such globally promising fintech companies and their executives – in Calgary – inspires us and helps us think and behave more like a fintech,” said Holland. “It also creates a healthy ecosystem in which we can thrive.”
connectFirst is also doing its part to create that ecosystem. They’re building a relationship with the School for Advanced Digital Technology at SAIT, which has already conducted a number of digital workshops for the team. SAIT is supporting the credit union with digital transformation, while connectFirst is building employment opportunities for SAIT students and graduates.
At Mount Royal University, the connectFirst Social Entrepreneurs program helps senior-level students use economic tools to address complex social change.
“Big banks write big checks,” said Holland, “but we support initiatives by putting our energy behind them. That makes us different.”
A FOCUS ON SUPPORTING LOCAL
connectFirst is involved in a number of innovative projects and businesses that more conservative financial organizations were slower to back. They’ve been pioneers in supporting the province’s burgeoning cannabis industry and in supporting local cryptocurrency businesses.
Holland noted that the credit union works hard to partner with local companies, helping them grow and prosper. They were the first Canadian financial institution to partner with Calgary-based payments scaleup Helcim.
The partnership gives connectFirst business members the opportunity to take advantage of Helcim’s simple and affordable payment system – with no monthly fees – and offer their customers the very latest in payment technology.
BUILDING CALGARY’S FINTECH COMMUNITY
While there’s a common misperception that banking with a credit union means giving up a reasonable digital experience, connectFirst does not fit this mold. They’ve made significant investments in their tech platform and are committed to the idea that they must be a digital organization.
Purposefully different from the online platforms major banks have, connectFirst identifies that their values drive them to embrace tech differently than a traditional bank might. They’ve recently gone live with JUDI.AI, an AI-enabled small business lending solution that gives small business members quick access to capital.
“We offer the best of all worlds,” said Holland. “Our members benefit from talking to real people who are experts in the markets we’re in, as well as from the digital capabilities that let us move faster and deliver better client experiences.”
The organization is uniquely leveraging tech through data and artificial intelligence.
Holland recognizes that financial institutions have long held traditional ways of looking at tech. “The attitude is still: if it’s good, it must be pricey,” she said, “and yet today you can develop an app quickly at a relatively economical price.”
“We’re evolving. We’re holding fast to our traditional credit union values, but are becoming more of a tech business every day,” said Holland.
“NOT YOUR DAD’S GREY-HAIRED BANKERS”
connectFirst is a growing business and is actively recruiting employees. “You might be surprised how rewarding a connectFirst career can be,” said Holland. “It’s about problem solving. It feels good to help families and small business owners.”
connectFirst currently employs about 800 people, the majority in Calgary, in jobs including member services, technology and process improvement. Employee development is deeply important and employees are encouraged to take on new responsibilities, learn new skills and move into completely different roles within the institution.
“If variety is important to you, this is an exciting place to be,” said Holland. She points to connectFirst’s efforts to become an even more diverse workforce by learning different ways of recruiting.
“We want to reflect the communities we serve, benefit from richer perspectives and identify new people so we can attract the very best. We’re not your dad’s grey-haired bankers.”
WHAT’S NEXT
Holland and her team are very ambitious in wanting to support more Albertans in creating a brighter future. “We want to be a beacon of light and optimism,” she said.
“We want to help people feel more confident in the decisions they make in the future.”
She is proud of the tech-savvy organization that connectFirst is becoming.
“Fintechs are doing cool things right now – and if they can do it, we can do it. Plus, we’re creating social good and a positive financial impact, while putting people over profit. Neither we nor our members have to compromise to do that.”
Are you ready to make moves in Calgary’s tech scene, working with forward-thinking companies like connectFirst? Head to our Live Tech Love Life careers page and see what opportunities might be out there for you.