Meridian Credit Union: Putting members at the heart of digital transformation
(Norwich, UK, 12/11/2019)
David Baldarelli, SVP for Meridian Credit Union, keeps member quality of life and security at the heart of digital transformation.
As a credit union, Meridian (MCU) is 100% owned by its Members: their interests are first. Profits are returned to them not in dividend payments, but in the form of innovative products, technology and services along with a focus on community and overall member well-being.
Baldarelli led the campaign to develop motusbank, a subsidiary of Meridian. It took four years of heavy lifting – both technology build and regulatory approvals – before motus launched in April 2019. The name Motus is Latin for new movement, representing disruption and rebellion, an idea MCU wants motusbank to embody, with a new movement in banking. This new movement is putting customer welfare and a sustainable relationship between the platform and its members at the forefront of its development.
MCU is aware that modern cultural shifts have left consumers expecting more from their financial services. “So Financial Institutions in Canada are now being compared to the likes of Google, Amazon, Apple, Uber, because this is who they’re using for their day to day,” says Baldarelli. “They’re expecting the same from financial companies. The legacy way of doing things is no longer accepted.”
You can read more about Meridan Credit Union’s journey in the magazine.