The partnership between ebankIT, a leading digital banking solutions provider, and Coast Capital, Canada’s largest federal financial cooperative, was established to drive a comprehensive digital transformation aimed at enhancing Coast Capital’s service offerings.
Formed in 2018, this collaboration combines ebankIT's innovative technology solutions with Coast Capital's deep commitment to member-centered banking. Together, the two organizations set out with a shared vision to modernize Coast Capital’s digital banking capabilities, elevate the member experience, and achieve key technological milestones that position the credit union at the forefront of digital financial services in the Canadian market.
The year 2024 was especially one of accomplishments. Coast Capital launched its Commercial banking services and gained recognition among credit unions and banks for its mobile member experience in Canada.
For the 5th consecutive year, our client Coast Capital, has been recognized as the top-performer for mobile banking experience among credit unions in Canada by Surviscor, an expert in evaluating the online and mobile banking landscape.
Additionally, Coast Capital consistently maintains a positive Net Promoter Score. Its digital NPS scores are significantly above the banking industry average, all surpassing the banking sector's average score of 18.
This reflects the powerful impact of ebankIT’s advanced digital solutions, with innovative features like favorite transaction shortcuts, in-depth money management tools, and enhanced debit card controls—all contributing to Coast Capital’s stellar ranking.
Not only did it outshine its competitors in the credit union sector, but Coast Capital’s mobile banking app has been doing so since 2020, while also ranking among the top 5 overall, surpassing the performance of several major banks.
This accolade is attributed to the platform’s enhanced security features, personalized functionalities, and the integration of Money Manager, a leading Personal Financial Management tool. Additionally, iSky, another reputable third-party researcher, ranked Coast Capital’s iPhone app as the first best across all credit unions and banks in Canada for 3 years in a row.
With the launch of the digital commerical banking platform, Coast Capital made huge strides in improving the digital experience for its business members. Designed to revolutionize the way business members manage their finances, this cutting-edge platform provides enhanced flexibility, increased efficiency, and superior account management capabilities tailored specifically for business needs.
Faced with unique challenges in the commercial banking sector, Coast Capital sought a comprehensive, adaptable solution that could address complex requirements such as account grouping and account management, automate transactions, and seamless integration with Canada’s tax system.
With ebankIT’s advanced technology, Coast Capital’s business members have access to a suite of powerful digital tools, designed to streamline their operations and time.
The implementation of ebankIT’s advanced digital platform has significantly broadened Coast Capital’s reach, enabling the credit union to engage more effectively with both existing members and potential members. Openings of "Guaranteed Investment Certificate" accounts rose by 21% in 2024.
Savings accounts also saw a 21% increase compared to 2023. By providing an intuitive and accessible digital banking experience, Coast Capital has effectively brought more members into its digital ecosystem, including individuals from underserved communities who previously encountered obstacles to traditional banking services.
The volume share is increasing across all platforms, indicating that more members are opting for digital solutions to meet their banking needs. The introduction of features such as streamlined account opening, improved mobile accessibility, and real-time support tools has been instrumental in removing these barriers and enhancing financial inclusion. eTransfers, transfers, bill payments, and cheque deposits are the most popular activities on Coast Capital's digital channels.
Among all the existing features, we highlight eTransfers, External Account transfers, account origination, and Overdraft Protection (ODP). These features not only contributed to a significant financial return for Coast Capital but also played a key role in client retention and boosted deposit levels.
Our partnership with ebankIT has been instrumental in bringing our vision of a cutting-edge digital banking solution to life. Together, we've redefined convenience, security, and accessibility in banking.
- Calvin MacInnis, President & CEO, Coast Capital Case Study, 2024.
This collaboration increases Coast Capital’s competitive advantage by laying a robust technological foundation for growth, agility, and the ability to adapt to evolving consumer needs.
This progress not only reflects the success of the partnership to date but also underscores the potential for ongoing innovation and sustained impact in the years ahead.
Building on the success of the past year, ebankIT and Coast Capital have ambitious plans for 2025 and beyond that aim to further enhance digital banking capabilities and member experiences.
A centerpiece of these efforts is the implementation of ebankIT's new modernized and easy-to-managed platform, which will bring a refreshed UI/UX design to Coast Capital’s digital banking interface. This "revamp" promises an intuitive, seamless, and visually engaging platform that prioritizes ease of use and accessibility for all members.
Key upgrades planned include expanded features for commercial banking, such as eTranfers powered by Interac, Account origination and bulk transaction capabilities. For retail banking enhancements to our marketing , sales and origination capabilities will allow our members to originate a new set of lending products and automated renewals for pre-existing mortgages and GIC investments.
Security remains a top priority, with reinforced measures to ensure the digital banking platform remains robust and resilient against evolving cyber threats. Advanced authentication methods, continuous monitoring, and enhanced encryption protocols will provide members with greater confidence in the safety of their digital transactions.
These developments reflect the shared commitment of ebankIT and Coast Capital to drive innovation and deliver cutting-edge solutions that meet the diverse needs of their members, laying the groundwork for sustained growth and excellence in digital banking.