Message
from the Chair.

Heartsick. Like so many of you, that’s how I’ve felt as world events have unfolded over the past year, and as the potential gravity of their impact on our economy, our friends and family, and our communities, has been revealed.

This has also highlighted, though, just how much Vancity’s values matter today. Our focus on people and planet – our desire to help build a world governed by equity, compassion, justice, and care for one another and for the planet we all share – is both a balm and an antidote. Our values, I believe, will help us navigate our way forward.

It’s no secret that Vancity faced a tough financial year in 2023. For some, it even appeared we’d lost our way. As we saw members struggling to stretch their finances and heard your worries for your children’s financial future, as safe and affordable housing became increasingly out of reach, as fires and drought threatened the places and people we love, and as the most vulnerable in our communities seemed increasingly at risk, we wondered: Is Vancity still making a difference?

For the Board, 2024 was a time for serious soul searching. What do members and their communities need from Vancity specifically? What do we offer that other major financial institutions don’t? How do we deliver more and better services, and demonstrate measurable value to you? Can we offer stability as the ground beneath us shifts?

All this was on our minds when we appointed Wellington Holbrook our new president and CEO in January 2024, and as we headed into our strategic planning sessions. And as we reflected, it became clear that we needed a strategic reset. That reset is driven by our conviction that as a Canadian, member-owned co-operative, we have something critical to offer, especially in these times. And that we’d better get on with it.

First, we recognized that Vancity needed to deliver a far better, more efficient, and more modern service. Period. Folks deserve a branch and digital experience that is pain-free and simple – whether it’s for making a deposit, seeking a loan, investing your savings, or getting a credit card. Our processes and platforms were both challenging to navigate, and inefficient. You were frustrated when you banked with us, and our teams were frustrated in their efforts to help you. The Board sought an immediate overhaul, and you’ll hear more about it in Wellington’s message.

Second, that reset had to improve our profitability. But more importantly, we needed to recognize that for Vancity, profitability equals impact. We are one of the largest credit unions in the country. And being a co-op means our profits are delivered right back to you: we use your deposits to lend to local businesses, including everything from developers who are creating desperately needed housing, to Indigenous entrepreneurs who are remaking their communities. We turn your deposits into mortgages for first-time homeowners, and into loans that help our business members take risks and innovate. And, importantly, we take 30 per cent of our profits¹ – every year – and drive it into member dividends and support for organizations doing critical work in the community on the climate emergency, affordable housing, and the co-operative economy more broadly. As a member-focused, people-centred, values-driven co-operative, profit and impact are inseparable. Driven by this conviction, we turned around our profitability last year, and aim to deliver powerfully in future years.

Third, the Board affirmed that our values are, and will always be, Vancity’s differentiator. That’s why our strategy will continue to advance Reconciliation, promote inclusion, strengthen equity and diversity, and fight the climate crisis. We’ll continue to offer banking to those marginalized in our communities, and go further to find ways to extend credit and financial services to those the larger banks seem to ignore.

“ Our values are, and will always be, Vancity’s differentiator. That’s why our strategy will continue to advance Reconciliation, promote inclusion, strengthen equity and diversity, and fight the climate crisis.”

The UN General Assembly proclaimed 2025 as the International Year of the Co-operative, acknowledging the important role co-ops play in creating strong local economies, and in building community resilience. Could there ever be a better moment for co-ops to double down?

The co-operative ideal of people joining together to make their world better for themselves and for others is desperately needed. And so, finally, our strategic direction reflects a much clearer vision of how Vancity can and must strengthen the co-operative ecosystem.

For Vancity, 2024 was a year of positive, values-led transformation, and we owe a great deal to our members and the Vancity team for your patience. No longer adrift, we believe we’ve re-discovered our North Star. We’re excited, empowered, hard at work. And we look forward to banking with you.