The Southwest Booster

2022: ‘A Year of Purpose’ for Innovation Credit Union


Innovation Credit Union hosted its Annual General Meeting on 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.

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