Innovation Credit Union hosted its Annual General Meeting on Thursday, April 27. The virtual format gave members and attendees the ability to watch and participate from the comfort of home, a perfect reflection of Innovation’s purpose of simplifying banking for Canadians.
Innovation Board President Russ Siemens spoke to the progress the credit union has made in further achieving that purpose. “In 2022, we launched a new website, online banking platform, mobile banking app, and automated funds transfer system. Every digital enhancement we pursue is to help make our members’ financial lives easier.”
“The technology we invest in automates workflows resulting in a more efficient and effective member experience,” says Innovation CEO Daniel Johnson. “Our entire team is member obsessed, so every one of our staff members plays a vital role in fulfilling our purpose. Achieving big dreams together is simply a part of our culture.”
Innovation’s Responsible Banking™ guiding philosophy was also at the forefront in 2022. Innovation continued their efforts to assist underserved consumers such as new Canadians, Indigenous communities, the less affluent, and seniors. “Inflation impacted everyone this past year, so we looked for ways to help ease the burden such as donating 10,000 meals to Saskatchewan charitable organizations’ meal programs,” adds Johnson. “Sustaining strong communities is at the core of the credit union difference.” This $50,000 donation to meal programs was only one form of community support in 2022 that totalled close to $500,000 for the year.
Innovation also distributed over $3.3 million in profit sharing dollars back to its members. The Member Rewards program is another component of Innovation’s Responsible Banking™ philosophy. “Because of our loyal members’ business, we were able to share profits not only with them, but also with their communities,” says Siemens. “Our Board, management, and staff, thank them for their continued support.”
Other items of note: Innovation increased its assets under administration by over 7%, making its assets at yearend a total of $4.335 billion. This makes the organization Saskatchewan’s third largest and Canada’s 25th largest credit union (by assets).
Innovation is also nearing the finish line to becoming a federal credit union with national reach. They’re expected to obtain approval from the Office of the Superintendent of Financial Institutions (OFSI) in 2023. “We’re thrilled that after many years of preparation, being able to promote our simplified, responsible approach to banking across Canada is in sight. We can’t wait to celebrate this monumental event with members soon,” says President Russ Siemens.
Innovation also held a Board of Directors election this year that featured a total of 10 candidates. Successful candidates for District 1 are Peter Brown and Bruce Sack. Successful candidates for District 2 are Mike Davis and Russ Siemens. Innovation wishes to thank Board member Bryon Zanyk for his dedicated service. His term will end effective April 28, 2023.
Lastly, Innovation donated $5,000 to the Saskatchewan Indian Institute of Technologies (SIIT) at the Annual Meeting. This Indigenous institution provides educational programming and employment services across Saskatchewan.