REGINA, Saskatchewan—Four credit unions here have entered into what they are calling a formal “Collaboration Mutual Understanding” document.
The four CUs-- Conexus, Cornerstone, Innovation and Synergy—have a combined $10 billion in assets and serve more than 250,000 members in system discussions.
The goal, said the credit unions, is to make a “real difference in the lives of (our) members in a relevant and sustainable way.”
“Our four credit unions have worked together in the past on very successful projects,” said Conexus Credit Union CEO Eric Dillon in a statement. “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.”
While specific details of the collaboration were not released, the four CUs said the benefits will 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,” said Innovation CEO Dan Johnson in the statement. “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, according to the credit union, along with savings from economies of scale. The CUs said staff members will see improved career opportunities as a result.
The four CUs said they are open to others joining the collaboration.