Leveraged Azure Solutions for Canadian Credit Union Transformation

Background and Challenge Story

Support to Transition to Federal Credit Union

A Canadian credit union wanted to transition from a provincial to a federal credit union. In order to achieve this status, they needed to adhere to specific system compliance requirements and regulatory reporting standards. Their existing core banking software, limited by its on-premises infrastructure, lacked the scalability needed for this transition. Consequently, the client sought a scalable, cloud-based, cost-effective, and future-ready solution.

Prior to project initiation, the client recognized Adastra’s extensive financial services expertise. For the past 2.5 years, the client has worked closely with Adastra to deploy Azure Synapse, Azure Data Factory, and Power BI. Each solution was customized to meet the client’s unique requirements.

Solution Story

Enabled Expansion through Strategic Partnership

In partnership with Adastra, the client embarked on a successful modernization journey, leveraging agile deployment strategies and rapid report generation. Adastra’s expertise extended to conducting thorough OSFI and RRS reporting compliance research, guaranteeing a fitting solution for the client’s needs.

The client received a robust solution tailored to their needs, crafted using Azure Synapse, Azure Data Factory and Power BI. To enhance efficiency, the client also received a customized template for automated data ingestion and report development, significantly reducing the timeline for monthly report generation.

Supported by Adastra and Microsoft, the client not only implemented a solution with enhanced reporting capabilities but also streamlined their operational processes. Adastra’s proactive and flexible guidance facilitated the development of a robust data platform aligned with the client’s specific needs.

Impact

Automated OSFI Reporting and Enhanced Operational Efficiency

The custom Azure solution facilitated the client’s transition into a federalized credit union, leveraging automation as its core design principle. This pivotal shift empowers the client to navigate the broader national landscape of the financial services industry. By streamlining operations, automation reduces monthly reporting closing requirements and enables designated employees to focus on other value-added responsibilities crucial to the client’s operations.

Adastra and Microsoft helped the client achieve the following benefits:

• 30% improvement in OSFI reporting automation.
• Enhanced operational efficiency.
• Accelerated development timelines for monthly reports.
• Successful transition from provincial to federal credit union status.
• Access to sustainability regulation compliance reports.
• Streamlined monthly reporting through automated processes, freeing employees to focus on client-centric tasks.

Prior to collaborating with Adastra, the client served only one province. However, they are now able to grow and do the following:

• Address challenges such as changes in consumer behavior and technological needs.
• Compete with other banks and technology firms offering financial services.
• Diversify and mitigate risks by acquiring deposits nationwide to support local lending.
• Expand membership access.
• Enhance resilience for both present and future endeavors.

As a federalized credit union, the client can operate at a different national scale in the financial services industry. The collaboration with Adastra set the client up to adopt Microsoft Purview services for additional data security. The success of this project underscores the transformative synergy between Adastra, Microsoft, and forward-thinking organizations committed to embracing the future of finance.