A MESSAGE FROM OUR BOARD CHAIR & CEO

2024 Annual Report

Leading with certainty and purpose

Today’s business leaders champion corporate purpose as a greater calling. Regarded as the positive, lasting impact an organization can have on the world, an effective purpose can serve as a rallying cry, uniting team members in pursuit of a common goal.
At First West Credit Union our purpose—together, we create a future where everyone can flourish—is the heart and soul of our organization. We refreshed our purpose in 2024 to reflect our ongoing evolution in an ever-dynamic world. Yet at its core, it continues to resonate with what our founders set out to achieve nearly 80 years ago: financial wellbeing for everyone. This rock-solid foundation of knowing who we are and what we stand for has given us the stability to navigate external pressures with confidence and inspired thoughtful advancements in how we serve members, support our communities and help team members grow.

We also know that how we live out our purpose is equally important. To that end, in 2024 we unveiled three new core values: authentic connection, collective strength and courageous leadership. This expression of our compassionate, people-first culture helped earn First West the distinction of being among B.C.’s Top 100 Employers. We’re proud of this recognition, earned for the second consecutive year from MediaCorp Canada Inc., which honours employers leading their industries in offering exceptional places to work. We were also honoured to be selected as a winner of the 2024 Canadian Workplace Well-Being Award. Presented by the Canadian Positive Psychology Association and Workplace Strategies for Mental Health, this award celebrates our programs and supports that foster psychological safety and belonging in our workplace, such as our team member-led network groups, equitable hiring practices and inclusive benefits.

Being there for members

Members, like all Canadians, continued to face challenging economic headwinds through 2024. An unstable interest rate environment, high inflation and housing unaffordability were among elements that heightened the need for financial confidence and optimism among members. Recognizing this, our advisors stepped up as trusted partners, offering members elevated advisory experiences centred on personalized advice, in person at our branch locations and remotely through our Member Advice Centre. Furthering member support, credit alerts were among the many updates we made last year to add more value to our members’ banking experiences. These electronic notifications are automatically delivered when a member’s line of credit falls below a certain threshold and are an extension of the account balance alerts we provided in 2023 to enhance members peace of mind. Complementing credit alerts are Collabria Credit Limit Alerts, which help members avoid unexpected fees or interest charges by notifying them when the available balance on their credit card is low.

We know members are looking to us for more flexible and convenient ways to bank. On this theme, we expanded the types of accounts members can open through online banking to include tax free savings accounts and registered term deposits—and introduced the ability for members to open our suite of accounts anytime, anywhere, through our mobile apps. We also launched new online functionality to empower members to book their own appointments with advisors. This small but mighty scheduling enhancement simplified our member experience and substantially reduced Member Advice Centre call wait times related to appointment booking. And members now have even more flexibility in contacting us through our new online live chat. Commercial members too gained considerable flexibility in their banking experience when we launched self-serve wire transactions through online banking, increasing their operational efficiency while strengthening their protection against wire transfer fraud.

Last but certainly not least, our implementation of Conquest in 2024 was also an important advancement for members and our team members who serve them. Considered one of the most effective financial planning software programs available, Conquest pairs the power of artificial intelligence (AI) with expert advisor insight to prepare financial plans tailored to members’ unique goals.

Leading technology for members and teams

AI advancements propelled our transformative capabilities in other areas of our business as our teams began working with Microsoft’s Copilot for specific scenarios. Our early adoption of tools like Copilot is a result of our seven-year strategic partnership with Microsoft, which has accelerated our technology strategy and positioned us as leaders in the banking industry.
Included in our digital transformation was our upgrade to Windows 11, which was implemented in tandem with extensive device upgrades throughout our branch network and collaboration centres. This important investment helps to secure our digital tools against cyber security threats and equips team members with the right tools to support members in an increasingly complex world. Furthermore, the implementation of state-of-the-art teller cash recycler machines makes cash transactions more efficient in all our branches, enabling member-facing teams to focus more on having meaningful conversations with members.

Portrait of a young businesswoman working late on a digital tablet in an office

We recognize security is fundamental to all our member service channels, and the need for thorough cyber security knowledge and rigorous best practice has never been more critical for all Canadians than it is today. To reinforce our teams’ advanced cyber awareness, we increased the sophistication of our monthly phishing email simulations and hosted our second annual Cyber Security Summit to share information on topics that impact members and the credit union. For members, we created a series of engaging, educational cyber- and fraud-awareness videos that were shared across our social channels and as part of our member email program and displayed fraud-awareness content on our in-branch digital screens.

Creating capacity as leaders in the community

We couldn’t live out our purpose authentically without partnering with organizations that are working to put communities on a path to flourishing. With that in mind, we raised $414,329 (equivalent to 828,658 meals) for local food banks in 2024 through our signature causes, Feed the Valley and The Full Cupboard, putting our 14-year total at $5,595,806. With 195,925 visits to a local B.C. food bank each month, a number that has steadily grown in recent years, we know need is at a critical high and hope our members share deep pride in our unwavering dedication in the efforts to address food insecurity.

Another community investment highpoint was the doubling-down of our support for the BC Cancer Foundation—we announced the extension of our partnership through 2025 and a total investment of $400,000 over four years. We also set an ambitious goal to record more than 10,000 hours of movement as part of our participation in the BC Cancer Foundation’s Workout to Conquer Cancer. It’s a target we smashed, achieving 11,128 hours through the involvement of 387 team members and raising $11,212 in funds. Our commitment to the foundation became even more heartfelt and meaningful when two of our team members who have faced cancer courageously stepped up to be featured in the foundation’s Life Beyond Cancer campaign, helping advance cancer research and care across our province.

We’ve shared here a glimpse of the many thoughtful advancements we made during another momentous year. To dive further into our support for members and communities, see pages 17-22 of Management’s Discussion and Analysis.

To our members, we leave you with this: We are as committed as ever to supporting your financial well-being. Thank you for the privilege of your continued trust.

Shawn Neumann, Board Chair | Launi Skinner, CEO