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everhopeful said

Doug said
* Leaderless operation, which provides uncertainty as to whether CWB will continue the operation on a go-forward business or sunset it/grandfather it à la Laurentian Bank did with LBC Digital
* Woefully insufficient staffing resources (< 10 staff) to manage the number of clients they have (estimated at 20,000 nationwide) and deposits (estimated at between $700-900 million)

Yikes, maybe I should do my research on institutions, that doesn't sound promising at all. If their backend system crumbles are my funds with them still secure?  

In terms of core banking systems, CWB has been using different iterations of the Temenos core banking system, paired with Central 1 Credit Union's MemberDirect banking platform, both of which were top-notch in my opinion. It now looks like they're using a different Temenos core banking system product, together with a Temenos online banking platform (which looks to have been acquired when Temenos bought a company called Kony). I'm less familiar with that, but I don't like some of the things they've done with respect to SMS-based two-factor authentication.

Bottom line: banking systems aren't really an issue at all with CWB and Motive Financial; overall, it may actually be one of the strengths. The issue with Motive is strictly whether or not it's a core strategic priority with a lack of a division manager. CWB promoted the previous division manager into a more senior I.T. VP role, which was a great move, but they never filled the division manager. Product marketing and communications has dried up. Meanwhile, they've built a business with potentially over 10,000 active customers and nearly $1 billion in deposits, but they've significantly cut the staffing, leading to poor customer experiences.

More broadly, on the eventual demise of MemberDirect, Central 1 Credit Union was hoping their new Forge banking system would be widely adopted, but it seems banks and credit unions are increasingly taking this an opportunity to see what else is out there. CWB made a pretty good alternative choice; Access Credit Union, not so much. We're going to see a lot more divergence in customer experiences, from digital onboarding journeys to online banking experience. 🙁

Cheers,
Doug