Monday, 10 January 2022 19:27


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Innovation Credit Union’s purpose is to redefine banking by helping Canadians simplify their lives and reach their financial goals. Read on to learn how modern technology, commitment to community and even the United Nations have combined to modernize member benefits and the way that Innovation does business.

Technology provides Innovation Credit Union members with excellent value and their choice of service delivery channels. But that doesn’t mean forsaking face-to-face member relationships if that’s how a client wants to interact. Innovation has placed a multi-year moratorium on closing branches.

Not surprisingly, technology is a key driver of changes. And so is a focus on co-operative principles and values.

“Not just one or two of the co-op principles, but all seven of them”, says Innovation Credit Union’s CEO, Daniel Johnson. “As financial co-operatives, all credit unions philosophically support the co-op principles. Innovation has gone further by modernizing and focusing on ALL co-op principles.”


Innovation provides Member Rewards for Everyday BankingTM. It offers a chequing account that includes e-transfers and is always free, regardless of the minimum balance. Dividends are provided quarterly not annually & youth members receive these dividends, regardless of their account value. Products and services like this provide real-time patronage rewards for members & makes the immediate value and impact from banking with Innovation Credit Union obvious: Members have shared more than $32 million in profits over the past 12 years.


Modernizing member benefits has been possible because of Innovation’s continued investment in technology, which frees up resources so that the credit union can continue to expand into new areas. The use of technology, including artificial intelligence, promises to further revolutionize member interactions. “Digital investment allows us to become more efficient, empower staff, and to tailor our members’ experiences using whatever banking method they choose,” Johnson says.


Like most credit unions, Innovation has a call centre. However, unlike most, the credit union’s digital advice centre team can swell to over 120 people. Calls from any of Innovation’s 55,000 members can be routed throughout its branch network during peak periods. This reduces member time on hold, and allows many rural branches to remain fully staffed.


Innovation Credit Union’s commitment to its members extends far into the community. It donates more than 2% of its pre-tax profits back in the form of sponsorships, community development and scholarships. In fact, last year, Innovation staff donated over 12,899 volunteer hours to local charities.

The credit union is a signatory of the United Nations’ Principles of Responsible Banking, which is a coalition of 130 banks worldwide. Innovation has pledged to create and use its profits in ways that make life better for its members, their communities and our world which aligns perfectly with Innovation’s commitment to the co-operative principles.


Innovation is on a path to transform into a federal credit union this year. Becoming a federal credit union will allow it to grow and provide financial services outside of the province digitally, while it continues to have branches in Saskatchewan. The leap to federal status will help Innovation grow its membership while competing with the big banks and technology companies that already provide financial services in the province.

The opportunity, says Daniel Johnson, will be “to transport the way we have been successful in our face-to-face interactions as we further expand digitally.” As the credit union grows and evolves, “We want to simplify our members’ lives and provide them with long-term rewards designed to benefit them financially today and position them for long term financial success”.

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Last modified on Wednesday, 12 January 2022 16:36