Business View Magazine Apr-2023

94 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 4 Reconciliation Alberta credit unions are working towards reconciliation, with 50% adopting the Truth and Reconciliation Commission of Canada’s Call to Action #94 and actively engaging in the healing journey. One example of this work came from Rocky Credit Union, which was part of the local sponsorship of a Powwow at Sunchild First Nation in 2021. The event was hosted by the Foothills Society, comprised of members from both Sunchild and O’Chiese First Nations. Staff volunteered at the Powwow and a subsequent Round Dance event and all participants were thrilled to work first-hand to support reconciliation efforts in the community. Financial Literacy Enhancing member financial literacy is important to Alberta’s credit unions. One way we do this is by providing products and services that encourage prudent spending, balanced budgets, and building wealth over time. We also partner with organizations such as Junior Achievement and Each One Teach One to deliver financial literacy lessons and educational programs to young people. Vermilion Credit Union, for example, provided financial literacy training to several classes at local high schools in 2021, with a total of eight presentations delivered to more than 150 participants. They also partnered with “It’s a Money Thing” to offer free financial literacy videos on their website. Growing small businesses Alberta credit unions serve more than 6,700 small and medium-sized business (SME) members, with more than 33% of these SME members identifying as women or racialized persons. In 2021, Alberta credit unions lent $8.21 billion to businesses across the province through commercial lending programs. For example, Vision Credit Union offers specific agriculture banking products that are built to suit the specific needs of Alberta agri-businesses. Innovation Credit unions have always been leaders in innovation, from being the first to offer full- service ATMs and debit cards, to being the first to put forward a mobile cheque deposit app and to enable mobile payments. And credit unions continue to focus on transformation and innovation, with all Alberta credit unions continuing on a digital transformation journey in 2021, investing in technology and systems upgrades to ensure they meet the needs of their members now and in the future. Learn more about Credit Unions of Alberta here: albertacreditunions.com.