Vancity drives financial inclusion on Cormorant Island
About this story
- Region
Alert Bay, BC - Area of impact
Financial inclusion - Type of investment
Financial services and financial literacy
This is about community building, growing local economies and using the tools that Vancity has to support sustainable development.” Stewart Anderson, manager of community investment, Vancity
The Village of Alert Bay on Cormorant Island has all the hallmarks of small-town BC – a close-knit community with the amenities and services people need to go about their daily lives. But after the departure of their local financial institution in July 2014, accessing banking services involved an expensive, 45-minute ride on a ferry that only sails about every three hours.
“At a minimum it was six hours out of your day just to deposit a cheque and you couldn’t withdraw cash anywhere,” says Jeanine Johnny, a local resident. “It was a nightmare.”
These days things are different. Using a brand new business model that involves remote video conferencing, cooperation with product specialists in other locations and a close partnership with the 'Namgis First Nation and the Village of Alert Bay, Vancity opened its Cormorant Island Community Branch in May of 2015. The branch is open three days per week and Jeanine Johnny is one of its financial services representatives.
“There are lots of young people that need financial advice here,” says Jeanine. “We’re helping them to get started with RRSPs or even their first bank account or debit card. Everybody’s got lots of questions and the appetite for the services we’re offering is great to see.”
Jeanine, Donna Myers and Natalie Hunt, the other financial services representatives at the branch, have been steadily signing up new members, setting up chequing accounts, working with local small businesses and building trust with the community.
“A lot of people were bitter and angry when the previous credit union left,” says Donna. “We felt helpless and I think we didn’t realize how important a financial institution is in a community. There’s a percentage of the population that is still skeptical, but for the most part people are just thrilled that we are here.”
Franko Zaurrini, branch portfolio manager in community member services, Stewart Anderson, manager of community investment and Michelle Laviolette, branch manager of the Tsawwassen Community Branch, were instrumental in getting the whole project off the ground.
“Usually it can take about nine months to open a branch and we opened this one in nine weeks,” says Michelle, who manages the branch remotely and through regular visits. “My vision for it is really the vision of Vancity, which is financial health and wellness for the entire community.”
“What’s unique about this model is that it’s a true partnership with the Village and the Nation,” says Stewart. “We have a partnership committee that meets regularly and talks about hours of business, products, services, availability and how we are doing from a member attraction and funding perspective.”
So far, the results are encouraging. The branch is meeting its targets for member acquisition and funds under administration. It’s also proving to be a unique example of the impact that values-based financial institutions like Vancity can have in terms of working with underserved communities and building a sustainable local economy.
“What’s unique about this model is that it’s a true partnership with the Village and the Nation,” says Stewart. “There’s a perception that this is a charitable activity that we’re doing, but we didn’t go into it with that perspective. This is about community building, growing local economies and using the tools that Vancity has to support sustainable development.”