Banking on AI: East Coast Credit Union's Journey from Rural Roots to Digital Innovation

Established in 1933 in rural Nova Scotia with just 100 members, East Coast Credit Union has since grown to an organization with over 45,000 members. The secret to their success? They have increasingly leveraged technologies enabling their team to provide more effective and efficient services to their members when they need them. Recently, we spoke with Ken Shea, President and CEO, and Javier Lozano, Vice President of Technology and Innovation, to learn how these innovations have enhanced their staff and, most importantly, their members’ experiences. At East Coast Credit Union, members are at the forefront of the organization because they are more than just customers—they are the owners. "Our decisions aren't always... based around the financial return, but often they're geared towards trying to make sure that the service is better,” emphasized Ken Shea. East Coast Credit Union harnesses the power of technology in its day-to-day operations. Members have 24/7 access to their banking through the mobile app and online services, while internally it’s utilized with chat functions, video conferencing, and enhanced communication tools, leading to more efficient teams."Next year, we're incorporating a new core banking system for the organization that is a cloud based native and that makes a big difference because legacy systems create a lot of bottlenecks for organizations when it comes to the adoptions and use of technology," explained Javier Lozano. They recently launched Coad-e, a new Artificial Intelligence advisor. Coad-e is available online 24/7 to answer members’ basic questions, and will learn to solve more complex problems over time. East Coast Credit Union hopes to launch a function in the near future that will automatically transfer members to a live customer representative who will be able to answer more complicated questions. "We’re hoping that the combination of those things over time will really improve members’ online experience and make sure that they get the answers to the questions that they are looking for more quickly," said Ken Shea. East Coast Credit Union is embarking on an exciting AI pilot phase designed to transform staff productivity. The pilot aims to equip employees with AI-driven tools that streamline data access, allowing them to gather, locate, and analyze information more efficiently. In the future, both staff and members will be able to engage directly with AI avatars, receiving responses in a conversational and intuitive manner. This initiative marks a significant step toward creating smarter, more responsive workflows that will elevate the overall experience for both members and employees.The adoption of these technologies at the organization has been driven largely by its members. In the mid-'90s, when electronic banking was introduced, 80-90% of the services were still being conducted in-person at branch counters. Today, the business has shifted with 70-80% completed online. "We still believe there's an important part of service that involves meeting individuals and building that relationship...we still always believe we'll have some branch connection, but making it easier for people to do a lot of their functions through electronic means is very important,” noted Ken.Accessibility is an important consideration for East Coast Credit Union, therefore providing straightforward online options for members who cannot physically get into a branch is integral. Members do not need to be tech experts to use services like online banking, thanks to the robust support offered through their AI assistant and responsive team, ensuring even those new to digital platforms can navigate with ease.“A lot of people think seniors aren't adopters to technology, but we find that that's quite the opposite in our business. Because many seniors have some mobility issues …having the ability to do their business in another way is usually very important, and most of those processes are quite simplified,” said Ken.East Coast Credit Union is local and acts local. They are committed to contributing to Atlantic communities beyond financial services. They support volunteer and non-for-profit organizations by providing no-fee banking for uncomplicated services, whether it's the local children's soccer league or fire station. Among their many programs is their Community Compass Grant. This grant provides $150,000 annually to social enterprise and co-operative initiates that demonstrate a social or environmental impact.East Coast Credit Union is excited to be partnering with Digital Nova Scotia to gain insights into the broader community beyond the financial services industry. Understanding what’s happening in the digital landscape can be challenging, and this partnership will help them stay informed and connected with the latest trends and innovations. Additionally, it will create opportunities to experiment with new ideas and develop new platforms and systems that will add value to its members, staff and the community."Technology is a key driver of innovation today, so we're looking forward to learning more about what Digital Nova Scotia can do and to share with you what we're doing as well,” Javier remarked.