A group of BC Credit Union HR leaders, in partnership with the Korn-Ferry Hay Group, have been exploring the idea of a collaborative research project to define the characteristics for the Credit Union leader of tomorrow. As the cost of this project would be prohibitive to individual CUs, the SC solicited feedback from members with regards to participating in/co-financing this project. A webinar was held held on April 11th, 2016 which provided a full overview of the project, potential funding modes and next steps.
Many Solutions Centre credit unions indicated their desire to participate in the project and some were willing to either support funding through the Solutions Centre or individually. This topic also drew significant interest from other BC Credit Unions, credit unions outside of BC and several supporting organizations including Central1 and CCUA.
During the discovery process, the SC also discussed this initiative with Stabilization Central who indicated that leadership is a factor that is considered when assessing the health of the BC credit union system. They identified leadership as an area of opportunity that warrants investment and exploration. As a result, Stabilization Central has agreed to sponsor this initiative. A working group of BC credit union HR leaders has been established to work directly with the KornFerry-Hay Group to provide general oversight and governance for this project. Further communication will be sent directly to credit unions. For more information on this initiative, please contact Chad Boyko, CEO, Stabilization Central (firstname.lastname@example.org).
Project Deliverables will include:
- A portfolio approach to competency frameworks for CEOs, Executives and Branch Managers that outlines supporting the development of a strong leadership pipeline across the Credit Union system
- A targeted portrait of what differentiates high performing leaders in today’s business environment
- A report that includes the competency framework in context, including lessons learned, what makes the Credit Union leader unique and how this impacts succession and development planning
- Possibly: The design of a 360-degree feedback tool
The Solutions Centre has been involved in preliminary research into online lenders such as Grow and Mogo (Financial Technology or FinTech companies). These lenders have the capacity to attract personal loan business that can be adjudicated in under 5 minutes with funds being disbursed usually the same day. Recently the Solutions Centre Advisory Committee became aware that Central 1 is also conducting similar research into both partnerships with existing FinTech companies and system owned solutions. The Solutions Centre Advisory Committee will be discontinuing their research to await the outcome of research underway by Central 1, who provides a deeper skill set for the analysis and represents a larger group of Credit Unions, assets and members.
In addition to the research Central 1 is currently conducting on digital lending solutions above, there will be further work conducted on other FinTech companies. This is in an effort of Central 1 introducing an ongoing process to evaluate FinTech companies and share information with credit unions. Central 1 is pleased to engage with the Solutions Centre to identify interesting FinTech companies to evaluate, and to share the findings from research and evaluation.
At this time, should you wish further information on the research being conducted by Central 1 please contact Kelly West, AVP, Product Management, Central 1 at email@example.com Office: 604.730.6497 Mobile: 604.838.9217.
For any other questions please feel free to contact any SC Advisory Committee member or firstname.lastname@example.org
If your credit union is a Solutions Centre member, please log in to access to the members-only updates provided by the Solutions Centre. If you have not yet set up an account, click “log in” and then “register” to create your account, or email email@example.com.
Recent updates include:
1) Process Improvement – Business Account Opening Project Updates
2) CCTV Camera Procurement Update
3) Member Surveys Group Buy Update
4) SC Advisory Committee Minutes & Financials Updates
5) 2015 Fall Conference & AGM: Presentation decks, notes and supporting documents
6) New Member Account Opening Project Updates
7) Monthly Communications
Just wanted to share this wonderful response from a Solutions Centre Credit Union regarding the Stationary and Supply Project with Mills!
“Mills for me is great to work with, have very good pricing, and always make a point of telling me that we are appreciated (always a nice touch). In August, the Credit Union sales rep even stopped in to see how things were going and asked if there was anything more they could do for us. I have a good relationship with our rep and she never tires of my constant emails and is great at hunting down items I cannot find.
I love the service and products we get from Mills and they make ordering supplies we need very easy.
Mills was also a big help with the RCUI move over and they gave us some great pricing on the items ordered.”
“I know we are saving big dollars and a real bonus that the company is so wonderful to deal with!”
Interested in the Solutions Centre?
Thinking about becoming a member? Click on the link below to find a comprehensive information package describing the Solutions Centre and providing you with all the information needed to become a member!
Formed in 2009, the purpose of the Solutions Centre is to act as a vehicle for building scale and scope to the individual business operations of its member credit unions. The founding members developed this new organization because they felt strongly that their futures as independent credit unions and their ability to provide a modern and competitive array of financial services would be tied to their ability to work collaboratively.
“We all believe passionately in retaining the independence of our franchises so that we can continue to invest in our home communities and our local people.” Shelley McDade, Chair, Solutions Centre Advisory Committee.
The Solutions Centre provides an avenue for credit unions to collaborate on building solutions to common problems and redesigning their operating models. It is in the areas that are not strategic to a credit union’s existence or mission where Solutions Centre members seek out efficiencies and create better relationships with suppliers. Completed projects include procurement initiatives (ATMs, Couriers, and Stationery & Supplies), CUSO formations and research into approaches to address common issues.
The Solutions Centre does not duplicate or recreate services provided by centrals or other system providers. The value of this approach and mandate has resulted in the Solutions Centre growing from its original 20 members to 31credit unions.
Solutions Centre members believe that more value can be created by offering its services across Canada. In leveraging the scale and collaborative impact of a larger group of credit unions, the Solutions Centre will achieve: access to a larger number of vendors, greater cost savings, better contract language and greater sharing of expertise, knowledge and solutions.
The Solutions Centre is currently working on a variety of projects. If you’re a Solutions Centre member, login to find out more. If you have questions around the projects the Solutions Centre has underway, or will be working on in the future, please contact us at the information provided on our Contact page.