February 05, 2020 – Here at Central 1, we are dedicated to supplying cutting-edge products to empower financial institutions across the country, which in turn, supply Canadians with financial services to assist in their day-to-day banking and financial health. In 2006, we were the first in Canada to introduce a trusted product suite like MemberDirect® which influenced your business needs successfully for fourteen years! Where were you fourteen years ago? Time has certainly changed. And so have the business and technology needs of you and your customer base.
The difference between 2006 and 2020 is the speed at which technological needs develop, primarily a result of elevated customer expectation and ongoing digital change. As an industry, how we evolve from now and onward can determine if we thrive or survive. How we pivot to meet growing needs means everything. Maintaining pace with innovative trends as a financial institution is not an easy task, especially when considering costs, labour, planning and execution. We kept this in mind, while understanding the need to provide a product suite that has you constantly on the cusp of innovation ahead of competing banks. We are working hard to deliver Forge’s business capabilities as quickly as possible for 2020, and we excited to share this with you today.
Forge Small Business
Forge Small Business will be the first tier to become available, offering an improved, seamless user experience that will outpace that of the MemberDirect® era. The product will feature a customizable small business experience ideal for sole proprietorships and small businesses with strong personal account crossover. What’s even more exciting is how Forge Small Business will continue to turn heads as more customer-centric features are developed and integrated for years to come, ensuring that you will always be steps ahead of the competition, and tapping into Canada’s fastest growing market segment. Key features on the way will include:
- Delegate access
- Login switcher functionality to enable viewing of the personal and business accounts with one simple login
- Ability to customize offerings, whether it be in offering singular delegate access, or the opportunity to enable multiple delegates as the operations develop and grow
- Dual approvals
- More features planned for Retail members such as Apple Pay and Collabria business credit card integration
- Interac® e-Transfers
Defined as the holistic essentials toolbox for established small businesses that require invoicing, payroll, benefits and accounting solutions, Forge SME (SME standing for “Small-Medium Enterprise”) is the complex, scalable solution that will continue to be developed to include contemporary capabilities and features of value, taking businesses to their next level of potential and able to compete against the big banks and fintechs. Where Forge Small Business is designed as a retention solution for small business customers, Forge SME stands as an acquisition solution to build new business customer relationships and will be considered a time and money saver. With millions of small businesses across Canada looking for a product that suits their business and administrative needs, you will be ahead of the curve in offering a dynamic option such as Forge SME. Forge SME will provide access to key features which impact payments, payroll and invoicing, such as:
- All Forge Small Business features
- The ability to track receivables
- Two-way integration with third-party accounting and payroll solutions (like QuickBooks™ Online and Payment Evolution), and more
- Rich actionable insights that enable business owners to proactively stay ahead of the curve and make informed financial decisions
- Feature-rich design and administrative capabilities
Suited for medium-to-large businesses with financial governance needs, Forge Business is the refined, self-serve solution designed to streamline larger business processes and securely manage operations while providing real-time data to support day-to-day business decisions. This product will extend your share of wallet with businesses that have expanding banking needs and would typically be targeted by larger banking institutions. In removing stress from business operations and elevating transparency in offering tools that will direct and serve to benefit business revenue and customer loyalty. Advanced features will be available such as:
- Seamless Payment Transfers
- Global Payment Capability
- Interac® e-Transfers
- Complex Transfers across Related Entities
- Cash Management Features supported with user management tools
What’s Next on Forge?
Having supported you for decades with MemberDirect®, we look forward to beginning a new narrative with you, one that transcends digital business banking expectations, as well as market opportunities and challenges. As the first organization globally to successfully run Backbase in a multi-tenanted environment within the cloud, there is no limit to the development and revolution we can achieve together. We are always reviewing and adjusting as required to ensure that agile progress continues in all areas. For a list of what’s coming up in the months ahead, visit our Forge Digital Banking Platform Roadmap. You can also check our website for regular Forge Updates, Monthly Town Hall Summaries and other new materials.