To the editor,
In an era marked by rapid evolution within the banking sector, credit unions—especially smaller ones—find themselves at a pivotal crossroads. Navigating a landscape being transformed by technological advancements, evolving member needs, and heightened regulatory requirements, credit unions must take an honest look at what they do well - where they are less competitive, and how they will meet the needs of all their stakeholders. Mergers are one answer, but they require courage and a forward-thinking approach. This backdrop sets the stage for a deeper exploration into the specific commitments Copperfin Credit Union has put forth in its proposed merger with Northern Credit Union.
Commitment to Employees
Copperfin is dedicated to cultivating a work environment where careers thrive, employees have a work life balance and are in roles that are meaningful. The proposed merger presents the chance to establish more specialized roles, allowing employees greater professional development and access to additional skill sets. With the expansion of our network, enhancement of resources, and implementation of improved training and learning systems for delivering personalized advice, this opportunity not only resonates with the aspirations of our employees but also aligns with our ability to meet and exceed their expectations.
Commitment to Organizational Resilience
With banks dominating the financial sector's market share, credit union mergers have become increasingly more necessary. One of the credit unions' unique values is their focus on member-centric approaches, but with the intensified competition and pressure from banks, it makes it challenging for them to remain sustainable and relevant on their own. Our merger with Northern Credit Union allows us to position ourselves to enhance our digital offerings and improve our members' security while providing a broader branch network and a larger employee base that has a better understanding of the unique needs of the North. This better positions us to respond to the demands of our members and develop tailored solutions that address their financial needs, ultimately improving the quality of our services and our members financial lives. The proposed merger with Northern Credit Union allows us to fortify our competitiveness and resilience for future generations to come.
Commitment to Personalized Services
Supporting our members' financial journeys means moving with them, offering tailored services that meet individual life stages versus a one-size-fits-all generic model. When looking for a partner, it was important that we found someone that aligned with our commitment to delivering personalized advice that empowers our employees through local decision making. Merging will mean gaining the necessary human capital to drive innovation and implement unique offerings supported by technology, all while ensuring convenience for each member. Our empowered employees, working towards a common vision, will be able to deliver the personalized support our members seek as they grow and evolve.
Commitment to the Communities Where We Live and Work
This merger amplifies our shared values and vision for giving back to and supporting the communities we serve by leveraging our combined financial strength to support local initiatives and projects that forge deeper connections and contribute to our economies. With the expanded capabilities from this merger, we can better service the needs of larger businesses by offering more robust financial services through a local credit union. In an ever-competitive environment, community members, businesses, and organizations seek support to flourish, and our merger ensures we are well-positioned to provide that support.
Our main objective is to better serve our valued members by strengthening our core and enhancing our capacity for innovation. We will prioritize our employees' well-being, while ensuring the sustainability for future generations through personalized financial solutions, and actively investing in our communities. As we work towards bringing our organizations together, we acknowledge that change is inevitable. Change can sometimes be challenging, but it is necessary to ensure we position our organization for a brighter future. This goes beyond a mere merger; it signifies a renewed pledge to our core values and a stronger, more resilient future for everyone.
We hope we can count on your support! For every member who casts a vote, we’ll be donating $1 aimed at addressing food insecurity in our communities.
If you still have questions, or would like to chat about our proposed merger, I invite you to contact us at merger@copperfin.ca.
Copperfin Credit Union members can vote on a potential merger with Northern Credit Union until June 16, 2024.
Robert Jankovic, Board Chair of Copperfin Credit Union and active member of the Joint Partnership Committee.
