Northern Birch Credit Union

6 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 11 Northern Birch’s flagship branch will be located inside this award-winning architectural gem. As Northern Birch expands, it relies on its industry partners given the increased digitization of the banking and credit union industry and the desire by members for more financial services. The credit union has engaged Celero to manage its day-to- day IT functions and banking system, and Central 1 for support in payment processing, online banking, mobile app and website support; and treasury and liquidity management services “Our partners are critical to us because of the need for economies of scale as our industry evolves,” Saar says. Identifying fraud, centralizing services, and utilizing different banking platforms is a necessity even for a smaller credit union like Northern Birch and outsourcing those services to third parties increases internal efficiencies, she adds. “These partners provide us with expertise that will be critical to success in the digital future.” Among the products that members need are fixed and variable mortgages, home equity loans, and general support for first-time homebuyers. Northern Birch specializes in two niche mortgage areas as well – co-op and co-ownership apartments. It is one of the few financial institutions in Ontario that has the specialized knowledge needed to support these niche markets. Co-op apartments in particular are often more affordable than condos, especially for seniors who are downsizing and young professionals, Saar says. Reverse mortgages are an option of last resort for many of the credit union’s senior members. These products allow retired members to leverage the equity of their homes so that they can afford to remain living in their long-term homes.. Northern Birch also provides commercial mortgage loans for small business owners and entrepreneurs. “Our lending team goes the extra mile to make sure we really do what we can to help our members,” Saar says.“We try to be very competitive with our rates and other institutions.” This is especially important in today’s environment of rising interest rates. The credit union also provides NORTHERN B I RCH CREDI T UNION