Bits In Glass digitizes account openings for Coast Capital Savings to enable nationwide expansion
Edmonton, AB – September 23, 2020 – Bits In Glass, a software consulting firm helping companies digitally transform their operations, is proud to announce that its client, Coast Capital Savings, Canada’s largest credit union, has digitized its membership opening process, with the help of Bits In Glass, to support its expansion across Canada.
“Coast Capital’s manual account opening process used to take upwards of two days for employees to complete, while the new digital account opening process now takes less than five minutes, and requires little to no employee intervention,” says Aaron Wentzell, Director of Professional Services with Bits In Glass. “The result has also driven a 30 minute time saving for in-branch account openings.”
In 2018, Coast Capital Savings became the first credit union in British Columbia to receive approval to operate federally, and now offers both personal and business banking services throughout Canada. Since digitizing its account openings, Coast Capital has opened over 20,000 new accounts, translating to 10,000 hours of employee time saved.
“Bits In Glass has been an essential partner on our digital transformation journey. The knowledge their developers brought was really impressive and they took the time to understand our business and our future goals to set us up for success,” said Asim Masood, Director of Applications with Coast Capital Savings. “We thank them for enabling us to expand our operations to offer all our services digitally, across Canada.”
Previously, Coast Capital employees had to manually work through several fraud prevention steps to open a new account, which required verification from several third parties and took upwards of two days to complete. This has now been transformed into a fully digital process and has been streamlined across both the online and in-branch account opening process.
- Fraud prevention integrations for online account openings
Automatic identity verification via TransUnion and Equifax, and address verification via Canada Post.
- Coast-to-coast expansion
Captures both the province and age of an applicant, and accepts or declines the application based on the legal age required provincially. It also identifies applicant addresses, Social Insurance Numbers (SIN) for individuals, and tax identification numbers for businesses.
- Online account openings for businesses
Allow for more than one person to apply (upwards of 10+ to be exact), a necessary distinction for a business applicant. Additionally, added functionality for business applicants to select which type of business ownership they’re applying under and the system recognizes what kinds of associated fraud prevention steps are required.