WWW.OSHAWACU.COM OSHAWA COMMUNITY CREDIT UNION FINANCE OPTIONS THAT FIT
FINANCE OPTIONS THAT FIT OSHAWA COMMUNITY CU AT A GLANCE OSHAWA COMMUNITY CREDIT UNION WHAT: A credit union with a strong commitment to members and community WHERE: Oshawa, Ontario, Canada WEBSITE: www.oshawacu.com WHERE MEMBERS ARE ALWAYS THE TOP PRIORITY 1 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 09
Since 1939, Oshawa Community Credit Union has served members in the Oshawa region and beyond, growing from its humble beginnings with just 19 members, to a thriving, memberowned institution with over $141 million in assets. As the world evolves and shifts towards digital banking, Oshawa Community Credit Union distinguishes itself by maintaining a strong connection with its members, balancing modern technology with a personal touch. 2 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 09
TRUST AND SERVICE ABOVE ALL Will Prest, Financial Analyst and Compliance Officer, emphasizes that the institution isn’t focused on providing cutting-edge technology or competing solely by offering the lowest rates. He notes, “Generally, our place in the market is being a trusted financial institution for our members. The service that we offer is the main differentiator, we go well above and beyond.” Oshawa Community Credit Union prides itself on its welcoming approach, where staff greet people by name. “I feel like everyone will start talking about their life before they start talking about their business. It’s not just small talk, it seems more like friends conversing,” Prest illustrates. INCLUSIVE MEMBERSHIP AND GLOBAL REACH As an open-bonded institution, Oshawa Community Credit Union welcomes members from all demographics and job areas. Brandon Medina, Member Services Representative, shares that while the majority hail from the Durham Region, their reach extends far beyond, with members across Canada and internationally. “We’re open to anyone that wants to become a member. And we want to include them in what we have going on here,” he depicts. THE COOPERATIVE ADVANTAGE As a cooperative model, the credit union prioritizes people over profit. Along with paying annual dividends to members, understanding their individual financial needs is part of the service. “We do what is best for our members. We don’t have any targets that we need to meet, we don’t get a bonus or cash incentives if we sell a certain amount or a new product,” explains Sarah Broderick, Administrative Officer.“Our goal is to listen to our members, discover what they need and what works best for them, and provide that service to them.” Staff tenures of 35, 40, and 45 years, further enhance connections within the credit union. “That’s been able to allow us to develop a really good relationship with our members, where I know a lot of banks might not be able to say the same,” Broderick remarks.“We 3 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 09 OSHAWA COMMUNITY CU
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distribute resources.These efforts are supported by a substantial increase in the community engagement budget, which he says has grown tenfold in recent years Broderick emphasizes that this commitment is rooted in the credit union’s identity, as reflected in its name. Along with various local charity drives from backpacks for students, to collecting eyeglasses, Oshawa Community Credit Union has actively participated in events like the IG Wealth get to know them, and to understand their wants and needs. We allow that relationship to grow and develop and that provides better service overall.” DEDICATED TO GIVING BACK Oshawa Community Credit Union consistently demonstrates a deep commitment to its community and has significantly ramped up its outreach efforts in recent years. Prest highlights participation in initiatives such as clothing and food drives, and partnerships with other organizations to collect and 5 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 09 OSHAWA COMMUNITY CU
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FLEXIBILITY AND INNOVATION IN FINANCIAL PRODUCTS Along with their focus on personal service, Oshawa Community Credit Union continues to embrace innovation. Medina mentions one of their standout products, the First Home Savings Account (FHSA), which recently offered a 10% interest rate. While rates fluctuate, you can always find the most up-todate information on their website. “There are other banks and institutions that offer that account,” he acknowledges. “But our interest Management Walk for Alzheimer’s. “We are a small credit union, so our resources might be a little bit more limited. But we do try and make that extra effort to show that we want to be involved in our community,” she conveys. “The credit union itself is supportive of these initiatives, which is nice to see because we are a cooperative, and we want to give back to the community and show that that is important to us.” The credit union also advertises, on their 4’ x 8’ LED signs, free of charge, community events 7 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 09 OSHAWA COMMUNITY CU
60 and above. Medina explains that both account types provide the convenience of everyday banking without incurring service charges or fees for common transactions, such as debit card purchases, ATM withdrawals, online banking, e-transfers, or remote deposits. “And you don’t need to have a minimum balance in the account, so you can focus on putting your money towards investments where you’re earning a bit extra for yourself,” he expands. Broderick points out that the Youth Account’s age range is unique, giving members a head start on their rate is a lot greater than what other institutions are offering. We want to see people be able to get the opportunity to afford a home for themselves and their families. That’s with the hope that they obtain mortgages with us as well, but the main goal is to see people reach the goal of owning a home similar to what our parents and grandparents had before us.” Other advantageous product offerings are the Golden and Youth Accounts, each with no fee daily banking.The Youth Account caters to members up to age 30, and the Golden Account serves those aged 8 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 09
financial journey.“I think a lot of the youth accounts that we see are more geared towards students, or 18 years and younger,” she says. “Just having that extra 12 years, I think does make a big difference. Even though it isn’t a ton of money, it is a little bit that allows you to save and put that money into different avenues.” TECHNOLOGY WITH A PERSONAL TOUCH Once again underscoring the importance of member relationships, Prest says Oshawa Community Credit Union is focused on keeping pace when it comes to technology. “ We do offer all the big tech things, like online banking, remote deposit capture, all the competitive things. We may not have the newest thing, but if it’s important to our members, we look into it,” he maintains. As far as encouraging members to use these digital offerings, Broderick relays, “It is about trying to find that balance. We have people that come in every day, who have been with us for years. It’s like a social thing for them. But a lot of younger people may not have the time to be able to come into the branch to do all of their transactions. We are always trying to navigate that and listening to our members to see what they want.” LOOKING AHEAD With an aging membership, Broderick says the upcoming focus will be on attracting a younger demographic.“It is really important to appeal to the younger generation and show them that we have these great products like the Youth Account and the FHSA. We need to inform them of what a credit union is because often people don’t know about them, they’re just used to the bank structure and the bank model.” She reports that as part of the effort to draw new members, attention will be on marketing the high level of service and the products that Oshawa Community Credit Union offers. The quantity and quality of their Google reviews provides member testimonials, to that service commitment and level. Medina adds that community engagement will continue to be a priority. “We want to get out in the community. For example, for the IG Wealth Management Alzheimer’s Walk, that’s another 9 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 09 OSHAWA COMMUNITY CU
PREFERRED VENDOR/PARTNER n Infonancial Solutions www.infonancial.com Infonancial Solutions provides dynamic, specialized software for Canadian credit unions. Infonancial’s customizable, innovative solutions ensure seamless integration and continuous evolution to meet current and future needs. With a highly experienced team, Infonancial offers core banking, loan origination, and integrated FSRA EDC reporting. opportunity for us to put our faces out there and maybe attract new members as well.” Along with those initiatives Prest states that Oshawa Community Credit Union will also be working to develop strategic partnerships. “As technologies progress, as the regulatory regimes progress, everything’s becoming more demanding. And it just ends up costing us more at the end of the day,” he elaborates.“We’re pretty small, but when a bunch of different credit unions or other organizations come together and get some group buys, there’s a lot more buying and negotiating power, so we can pass that on to our members and offer them better pricing or services.” 10 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 09
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