Leadership report.
2024 was another pivotal year for StellerVista, as it was our first as a fully integrated credit union serving members across the Kootenay/Boundary regions (and beyond), locally, from our seven communities. In an environment where the credit union and financial services landscape is in rapid flux, there is added pressure on us (and all credit unions) to take on more work and make more business investments – in the form of IT and people, to remain relevant and compliant. Thankfully, our increased size, scale, and geographic presence have allowed us to meet these demands more effectively.
Part of our response to recent changes, in 2024, was the work we did through what we called our “Stabilization for Growth” period—investing in targeted internal training, upgrading our IT systems, and expanding our member communication channels—to create a more consistent and high-quality experience for both members and staff. These efforts not only helped us navigate the challenges of change but also placed us on a stronger footing to tackle new goals and pursue sustainable growth. While the work certainly shone a light on some key challenges, we do feel that we capitalized well on the opportunities while staying true to our cooperative principles and our core business – member service.
You’re Protected.
At StellerVista Credit Union, we take the safety and security of our members' deposits very seriously. That's why we are proud to be a member of the Credit Union Deposit Insurance Corporation (CUDIC), which provides deposit insurance for all eligible deposits held with BC credit unions. CUDIC has made deposit insurance safe and simple, so you maintain your financial peace of mind. All eligible deposits are automatically 100% guaranteed, including all money on deposit with a BC credit union, including foreign currencies and accrued interest, regardless of the length of the term of maturity. No limits on dollar amount. No application required. (Credit union equity shares and investments such as mutual funds or RRSP equity plans are not covered by CUDIC.)
Member Voice Survey
Some of the challenges we faced in 2024 were uncovered through our Member Voice Survey. Typically, our goal is to survey our membership at least once a year, using the results to inform our strategic and operational planning. However, given the high impact of the 2023 merger, we conducted two surveys in 2024—one early in the year following our integration work and another toward the end—to maintain a more frequent pulse on member experience. We greatly appreciate the excellent response rate from our members, which has been instrumental in providing us with valuable insights.
The results showed that our technical systems integration had a noticeable effect on both members and staff. While brief technological glitches were anticipated and quickly addressed with our IT partners, the higher-than-expected error rates on the staff side highlighted a pressing need for consistent training and better tools. Members who reported no errors also reported high satisfaction, whereas those who encountered errors—occurring at rates above what we consider acceptable—were understandably less satisfied. Although many members did express positive feedback, this inconsistency prompted immediate action on our part.
In 2024, a key service focus for us has been on reducing and managing errors. We sincerely value each member and the business you do with us, and we apologize to anyone who experienced an unnecessary error this past year. We encourage all members to continue using our available feedback channels to share both the good and the bad, and we hope you’ll participate in our upcoming survey later this year. Your input is vital in guiding our decisions and shaping the future of StellerVista.
Employee Engagement and Culture
To reach our goals and expectations in member service, we need a happy and engaged team – that is a fact of the business we are in. Over the past two years, there is no question that both our credit unions and the general labour markets have been facing significant change – change that has often placed considerable pressure on our people to adapt, learn, and grow into new roles. Recognizing that our success hinges on our employees, in 2024, our People and Culture team introduced a more in-depth survey process. This new approach not only provides detailed insights but also enables targeted coaching and development, ensuring our teams are well-equipped to meet evolving demands.
Our hiring efforts in 2024 also made a notable impact in the area of engagement. We successfully hired for a large portion of the vacancies we had been struggling to fill, easing some of the workload. This influx of fresh talent, coupled with a revitalized focus on employee support, was reflected in our engagement scores—showing a refreshed and reenergized workforce that is more positive and engaged that we have seen in a long time. While there is always room for improvement, these results affirm our commitment to cultivating a strong, supportive culture and set a positive benchmark for the future.
Subsidiary Lines of Business
In running our business as effectively as possible, we have developed a number of different subsidiary ownerships, all of which are directly tied to—and drive benefit to—our credit union. These include a 25% ownership in Kootenay Insurance Services LTD, a 33% ownership in Kootenay Risk Services (KRS), a 100% ownership of EKC Property Holdings LTD, a 50% ownership of Growth Financial, a 50% ownership of MoneyWorks, and a 60% ownership of 398329 BC Ltd, which operates the Castlegar branch strip mall. Further information and notes on these subsidiaries can be found in our full financial statements, included in this report.
We recognize that staying true to our core, relationship-focused service while also modernizing to meet the needs of our newly emerging membership—specifically adults aged 30 to 50—and addressing the demands of continual IT investment and a shifting regulatory environment is a challenge. It’s one that many small and even medium-sized credit unions will struggle with in the coming years. But thanks to the heavy load of work we’ve completed over the past two years, we’re in a great position to take strong steps forward. Our organization—like our members—is unique. It’s partly our people, partly our location, but entirely ours to own—and thankfully, it’s allows us to move forward confidently. Aligned with the traditional cooperative values we still hold in the highest regard, we’re ready to set ourselves apart from larger financial entities serving our area, and we’ll continue working to ensure that we remain the best local banking option for our local people.
