Case Study: Innovation Federal Credit Union achieves fully digital, member-first banking with VeriPark

Innovation Federal Credit Union boosts STP from 2% to 65% with Veripark

Innovation Federal Credit Union faced the challenge of modernizing its member experience to meet the expectations of digital-native users and to compete with FinTechs. Its legacy systems resulted in a slow, fragmented onboarding process with only 2% of applications being processed straight through. To address this, the credit union partnered with VeriPark to implement a digital transformation using VeriPark's VeriChannel omnichannel delivery and VeriTouch financial CRM solutions.

The solution implemented by VeriPark streamlined the architecture onto Microsoft Azure, enabling a mobile-first, AI-driven experience with features like Face ID login and straight-through processing. This resulted in onboarding efficiency increasing by 8x and straight-through processing rates rising from 2% to 65%. As a result of this transformation, Innovation Federal Credit Union achieved the #1 net promoter score across all Canadian financial institutions in 2024.

Innovation Federal Credit Union