Winter Newsletter – December 22, 2022
Dear Valued Members,
As 2022 ends, given all that’s going on in our world, it’s an important time of year to be thankful for where we live and the great people in our neighbourhoods and communities. The volunteers and organizations that support our communities are essential and we encourage all members to show thanks and provide support if you can do so. For VantageOne, we face a much different economy than we did a year ago and anticipate this will continue to change. We are working hard to update service delivery, will be implementing stronger online security systems in early 2023 and are proud to have been nominated for two business awards.
From an economic perspective there has been a drastic change over the past year. Interest rates hiked upward, moving from very low rates to a prime rate now approaching 6%. As I have mentioned in previous communications, the change has been driven by demand growth during the pandemic, supply chain cost increases and the significant increase in the money supply created by government programs. All of this has contributed to the highest inflation we have seen in 40 years, with the response by the Bank of Canada to be firm in their path to bring inflation down to more manageable levels. We anticipate they will stick to this path, and we will see a slowdown in our economy in 2023. How severe the slowdown will be depends on how high rates must go to bring inflation down; however, we believe we are getting close to this level as rate increases do take time to run through the economy. In our communities we benefit from economic diversity and desirability for people to live here. This will assist us in getting through an economic slowdown in a stronger fashion than many other areas.
I am pleased to share that we now have a great Branch Manager team in place leading our branches. After leadership changes mid-year, we have a strong team looking at service delivery flows and staffing needs. Working with our great staff, our goal is to provide the best service possible when you need to visit a branch. We are seeing success; however, we do get caught occasionally on a day that is busier than we expect. Please bear with us as we learn and adapt.
In early 2023, we are working to improve the security authentication for online and mobile banking. As we look to expand technology services and the world of cybersecurity continues to evolve, we need to ensure we continue to have systems in place to protect members. This will involve implementing what is called two-factor authentication (2FA). What 2FA will mean to you is you will need two ways to authenticate yourself to get into our banking systems. This isn’t hard and is used by many companies now. We will communicate clearly when this is coming, what you need to do and will have our staff prepared to answer your questions to get you through this.
We were pleased to be nominated for Employer of Year and Large Business of Year in the Greater Vernon Chamber of Commerce Business Awards. We achieved honourable mention on both these awards and would like to thank our leadership team and staff who do all the hard work to make nominations for these awards possible.
Finally, from all of us at VantageOne, we thank you for your support and commitment to VantageOne! We greatly value your choice to bank with us and are working hard to provide you with the service you deserve.
Happy Holidays, Merry Christmas and Happy New to everyone from all of us at VantageOne Credit Union.
Chief Executive Officer
Call for Director Nominations
Nominations are invited to fill two (2) vacancies on VantageOne Credit Union’s board of directors. Two (2) directors will serve 3-year terms, ending in 2026. Directors perform an important role in the credit union, especially in the shaping of policies and long-term objectives.
To be eligible, candidates must be nominated by three (3) members or by the Nominating Committee. They also must be members, other than junior members, in good standing, at least twelve (12) months prior to the date of the Annual General Meeting, which is to be held on May 10, 2023.
Written nominations for the volunteer positions must be received no later than 3:00 pm, Friday, January 27, 2023. Nominations can be picked up at any VOCU branch or printed off from our website.