Credit Unions collaborating

On Oct. 28, 2014 the board of directors of Conexus, Cornerstone, Innovation and Synergy credit unions executed a Collaboration Mutual Understanding document making a collaboration agreement official among the four organizations. This innovative agreement will benefit all stakeholders of the four credit unions and is significant for the Saskatchewan credit union system. These credit unions will have a collaborative voice backed by $10 billion in assets and 250,000 members in system discussions.

The decision to collaborate was easy given the four credit unions' shared vision to make a real difference in the lives of their members in a relevant and sustainable way. "Our four credit unions have worked together in the past on very successful projects," says Conexus Credit Union CEO Eric Dillon. "We've already experienced the advantages of collaboration in an unofficial manner. Formalizing the process will simply ensure our partnered initiatives are a major priority moving forward."

Some of the benefits include greater access and convenience for members, better products and services, an improved understanding of member financial needs, and enhanced technology resources. "Our four credit unions want to be more responsive to our membership," says Innovation CEO, Dan Johnson. "We believe this unique agreement will enhance the member experience in ways we couldn't achieve on our own. It's an exciting prospect."

The collaboration document will also result in organizational efficiencies and employee opportunities. "We can achieve economies of scale, presence, growth, and still maintain our local brands and community relationships," says Kevin Lukey, Cornerstone Credit Union CEO. "Our staff members will see expanded career opportunities relating to our collaborative endeavor. It's a win-win on so many levels."

There is also the potential for other credit unions to join this innovative group in the future. "We are open to other credit unions becoming a part of our collaboration agreement," says Synergy Credit Union CEO Glenn Stang. "Collaboration means convenience for our members and an enhanced capacity to serve all of our communities. We're very much looking forward to this formalized partnership and what it means for our members."