Libro Credit Union Adopts nCino’s Cloud Banking Platform

Libro Credit Union, one of Ontario’s largest credit unions with 117,000 members, has announced a transition from its multiple legacy systems to nCino’s cloud banking platform. This move is set to unify the credit union’s lending operations and improve efficiency across its 34 branches in Ontario.

The cloud platform promises a more streamlined loan process with greater transparency. It offers a single source of truth, integrating loan origination, customer onboarding, and deposit account opening. The platform also incorporates nIQ, an artificial intelligence (AI) and machine learning-powered feature that provides data-driven insights.

Carol Normandeau, Executive Vice President of Advice and Service at Libro, said that this transition is part of a broader effort to foster financial resilience throughout the organisation. By consolidating multiple systems into one, Libro aims to create a smoother experience for customers while enhancing its internal processes.

This integration aligns with recent global trends in the banking industry, where credit unions and banks are adopting cloud-based platforms to modernise their services. nCino, a US-based vendor, has been making headway with its cloud banking solutions, striking deals with financial institutions worldwide. These include Summerland Bank in Australia, Alba Bank in the UK, and property lender Together, among others.

With nCino’s platform, Libro hopes to empower its employees through better data access, speed up processes, and ultimately improve customer satisfaction. The credit union’s transition to cloud-based technology reflects an industry-wide push toward digital transformation and operational efficiency.