The second point of the the Desired Director attributes and Experience was “Deep understanding of the communities Vancity serves and the opportunities and risks of delivering financial services.
Having grown up in Vancouver and lived here most of my life one sees the changes in our community over the years. Working in the Fraser Valley for a number of years I was able to compare how both communities were changing. Each community has a different history with a different set of challenges. Some were very similar. In years not too distance, it was the local branch that one made their deposit at and the local branch that you withdrew your cash. The network of ATMs now do this. Automatic deposits, transfer and bill paying have changed how we manage our finances. There continues to be an evolvement of these services.
The digital channel supplies information and allows us to transact business ourselves. But most of us as members need financial advice at certain times. Mortgages used to be a key transaction but with the affordability of housing will that be less of the case? Does the change in employment patterns require different products to service a members needs? The use of technology to give new opportunities is a given these days. The risk of delivering these financial services is also the new norm.
But will a technical algorithm with any product deliver everything we need. There always needs to be a pathway to allow the exception. Our needs are not always exactly the same and there needs to be a human understanding and decision at times. This is a key factor in making a difference and managing the risk of delivery of financial services. Reliance only on the two dimensions of digital communication cannot cover all circumstances. Vancity is a credit union that has kept the human factor in mind even as it has grown. That understanding is so important today.