While Canada’s national banks are downsizing in rural locations in the digital age, I’m proud to say this financial institution in Saskatchewan is taking a decidedly more community-focused approach. Innovation Federal Credit Union, which serves 62,000+ people across Canada, looked beyond national marketing data and into the hearts and minds of our customers, who we call members. We extended branch hours, call centre hours, as well as increased chat and video banking services. Today, as retail banks sit empty in many small towns, our call centre is now open seven days a week. Branches that used to be open three days a week are now open every business day in the towns of Hodgeville, Buffalo Narrows, Lancer, Medstead, Meota and Shell Lake.
We took things to the next level with our staff as well. We offer continuous training to empower employees to meet members’ banking needs in-branch or over the phone from the call centre. Diane Engel, VP Member Services, says this strengthens Innovation’s team and makes staff feel valued and secure in their roles. “As other banks have closed their doors in our towns, Innovation’s doors have opened wider. That’s 100% because Innovation Credit Union is committed to doing what’s best for the communities it serves.”
Beyond the financial services we offer our members, we’re committed to growth in Saskatchewan. This is reflected in a community investment of over $9 million since 2007 and staff volunteerism averaging 12,000 hours per year. Deeply rooted in our commitment to Responsible Banking™, this is a unfolding story to the benefit of the growing number of people we serve.
“We’re thrilled to be able to offer personalized, local service that meets members’ demands,” explains Innovation CEO Daniel Johnson. “We’ve always tried to be a champion for good causes in our communities. Our people value local banking that’s convenient, so it’s our responsibility to provide it. Where banks see closures as the only option for growth, we see an opportunity to make our communities a better place for people to live and work.”
With almost half of Canadians using only digital channels for their banking transactions, online services have become the focus of banks who want to meet changing consumer expectations. But what about the other 50% who either prefer face-to-face interactions or simply don’t have access to online services? With the enormous cost savings that increased digital channels can offer their bottom line, many banks gloss over good old-fashioned high-touch customer service, leaving in their wake a rising number of people who are either unsatisfied or under-served.
Dean Gagne, Chief Disruption Officer says, “Some of our members prefer digital channels for their banking transactions, so we offer a wide range of excellent online services. However, there are still many other members who want in-person services in their communities, so we’ve found ways to continue offering this in spite of the changing landscape of financial services in Canada. It’s our responsibility to offer both because every member matters to us.”
In an age of bank layoffs, restructuring and dialing back customer service, we’ve chosen a different path. This path, which Dean refers to as “simply doing the right thing for all of our members”, also has tremendous benefits for Innovation staff members. Where big bank closures throughout Saskatchewan have left many people looking for jobs, we’ve actually ramped up employee retention with a retraining initiative that empowers staff to learn new, innovative ways to meet members’ needs across the province.
Our CEO Dan refers to this initiative as an “omnichannel workforce,” explaining that, “omnichannel encompasses all of the various ways that members can interact or do business with us, including in-person, telephone, online channels and even social media.”
Innovation’s omnichannel workforce is backed by a vigorous staff training program designed to ensure that staff members are ideally positioned to meet and exceed members’ changing needs. The result is a very engaged, highly trained team poised to help members at every possible touchpoint.
Are Innovation staff members excited about this? You bet they are. A Frontier Branch staff member says, “I really feel like I am using my skills and training to help our members. I enjoy speaking with them in the branch and in the many other ways they choose to connect with us, whether it’s via phone, text or even Twitter. Members tell me that having so many choices makes them feel like Innovation cares about their needs. Being a part of something so positive makes me excited to come into work every day.”
Dean says, “At a time when banks are limiting how and when they can serve clients, we are ensuring that we are able to help our members whenever and wherever they are. If that means an online chat after branch hours or responding to a direct message on Facebook, our front-line staff will be able to help all our members no matter how they approach us with their inquiry. We are training our staff to be versatile and proactive instead of waiting for members to walk through the door.”
For longtime employees, investing in retraining staff helps them to feel continuously valued and engaged. As banks often push longer serving staff out with early retirement or restructuring programs, we continue to invest in our existing staff who have the most to offer in terms of experience and understanding of our membership.
Furthering our commitment to Responsible Banking, the omnichannel workforce is another example of how Innovation is leading the way in making banking an accessible, affordable and enjoyable experience, in all of its channels and communities.