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How will Large Organizations Adapt to the New Normal? 

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What happens when the world as we know it changes entirely? As we’ve seen throughout 2020, and as we begin to envision a post-pandemic landscape, the need for financial institutions to adapt to customer needs is crucial now more than ever. But how and where does one start? How can financial institutions be leaders in helping larger organizations reimagine a new normal?  Larger Organizations are Slower to Adapt  A global survey by Harvard Business Review indicates that executives at larger organizations expect the pressure to...

Thousands of disability tax credit eligible Canadians missing out on available government incentives

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Only 36.2 per cent out of approximately 466,000 disability tax credit (DTC) eligible Canadians had Registered Disability Savings Plan, according to 2017 Employment and Social Development Canada statistics.   This means the available government incentives for this segment of the population are not being paid out to those who may need it most.   Launched in 2008, a Registered Disability Savings Plan (RDSP) is a...

Belonging in our new normal(s)

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Prior to COVID-19, a sense of belonging, the experience of being accepted and included by those around you, and its correlation to employee engagement was a top priority for our credit unions. Our rich history of ”community first” lends itself to belonging. Then the pandemic began and a shift ensued: many of us are working remotely and have an increased reliance on technology. More of us are experiencing heightened stress levels, moral fatigue, uncertainty and longer hours. This places an employee’s need for belonging even...

A tempered and uncertain recovery begins in Ontario

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Toronto, O.N., June 11, 2020­ –  Ontario faces an uncertain economic recovery as it gradually resumes business activity amidst a COVID-19 induced recession which saw 1.1 million jobs lost in Ontario between January and April, according to Central 1 Regional Economist Edgard Navarrete. In Central 1’s latest Ontario Economic Analysis, Navarrete outlines that the province’s annual real gross domestic product...

Pathwise Credit Union swiftly elevates digital banking presence with Forge and The Agency at Central 1

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The Forge Digital Banking Platform has been essential in bringing Canadian financial institutions to the forefront of enhanced digital banking. One question clients frequently ask us is how to bring their new digital experience to market quickly, especially when they have several strategic priorities competing for their time and attention. With excitement building to debut their new brand, Pathwise Credit Union (Pathwise) found its answer by partnering with The...

Central 1 reports 2020 first quarter financial results

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VANCOUVER, B.C., May 22, 2020 – Central 1 Credit Union (‘Central 1’ or ‘the organization’) reported a loss after tax of $67.0 million for the first quarter (Q1) ended March 31, 2020, compared to a profit after tax of $25.1 million in 2019. Central 1’s Q1 financial performance has been adversely affected by the monetary actions taken by central banks...

Central 1’s confirmation as Lynx participant means seamless transition to new high value payments system

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Central 1 Credit Union (Central 1) has been confirmed as a day one participant in Lynx – Canada’s new high-value payments system which will replace the Large Value Transfer System (LVTS) in 2021 – ensuring no interruption to wire payments for the Canadian credit union system. All 16 current LVTS participants were required by Payments Canada to undergo an exercise to...

Central 1 partners with Libro Credit Union to provide a seamless and richer digital payment experience

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As new data from a Payments Canada study on trends during COVID-19 reveals some dramatic shifts in Canadians’ payment preferences since the pandemic took effect, here at Central 1 we’re committed to providing the digital and payments innovation our clients and members need to thrive in a post COVID-19 world. “Since physical distancing restrictions began at the end of February, we...

Central 1 Presents the First Third Party Widget Available on the Forge Digital Banking Platform with Do Some Good

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Central 1’s Forge Digital Banking Platform offers fintechs and digital innovators the freedom to build widgets and capabilities to further the Canadian digital banking experience VANCOUVER, BC, May 20, 2020 – Central 1 has debuted the Forge Digital Banking Platform’s Forge Community with its first third party widget developed in collaboration with Do Some Good. Forge Community - the integrated digital ecosystem...

Better days ahead, despite COVID-19 economic woes

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Like the majority of my Central 1 colleagues (and workforces right across the globe), I’ve spent the past eight weeks becoming accustomed to the ‘new normal’ brought about by the COVID-19 pandemic.  As I work from home, conduct media interviews from my living room with Moana playing in the background and prepare breakfast for my daughters while ruminating on this recession which is like no other, I remain hopeful for better days...