There’s nothing like a goal to motivate movement and generate collaborative excitement. That’s exactly what our plan to become Canada’s next federally regulated credit union has been for the team at Innovation. Growing into this new and exciting role will allow us to live up to our purpose of simplifying the financial lives of people across the country. But what does this mean for our local members and communities?
Firstly, it’s important to understand that we’re not leaving Saskatchewan or stepping away from the people and communities who are the foundation of our success. Becoming a federally regulated credit union actually sets us up to repay that loyalty with a wider range of products and services because it will allow us to grow, diversify and strengthen our ability to compete in a changing and ultra-competitive market dominated by big banks and disruptive players. Doing this means that we can continue to offer all of the banking channels that our members enjoy today while giving us the flexibility we require in order to anticipate and provide what they will need tomorrow.
Secondly, going federal is not a strategy for us. The financial services landscape is changing, and consumer needs are changing too. 93% of our interactions with our members today are digital and their expectations for efficient services have never been higher. Keeping our promise to our members means meeting those needs and expectations. We’re not daunted by this. In fact, we see disruption in the industry as a very exciting opportunity to better serve our members. Staying ahead of this disruption, change and expectation, however, means we need to grow. Offering our financial services beyond the borders of our current region and Saskatchewan is precisely the kind of growth required to ensure we have the flexibility to deal with the disruption that is facing the industry and, ultimately, every member of Innovation Federal Credit Union.
Speaking of our members, the decision to go federal has been a long time in the making and we’ve asked for their feedback every step of the way in town hall meetings, surveys and conversations. The response to date has been very supportive of us moving forward to become a federally regulated credit union. The members I’ve spoken with understand that they’ll continue to receive the same great, local service and support from us.
It’s also important to understand that this expansion doesn’t mean we’ll be opening advice centres across Canada. Initially, we’ll expand digitally while still maintaining our commitment to our current staff and the 24 advice centres we already have in Saskatchewan. Our expansion will benefit all of our members and communities, as growing companies have a greater ability to invest in the organization and the communities they serve.
Most importantly, going federal will allow us to live up to our purpose of simplifying the financial lives of Canadians. We’ll maintain our provincial focus while at the same time creating a dynamic environment that ensures that we’re all successful for the long term. “Growing” federal is good for everyone and it makes me extremely excited for the future of Innovation Federal Credit Union.