Message From The President & CEO and Board Chair
Invested in you.
As we look back at 2022, and move into 2023, we continue to focus on being invested in you, our members and our communities. This has become increasingly important as we navigate uncertain times in the global markets and face inflation head on. Throughout 2022, we made several changes that enhance our focus on giving the very best advice, services, and support to our members to help them and the communities we serve to thrive.
Mainstreet saw excellent growth in 2022 as members trusted us with starting and expanding their businesses, buying their first homes, and investing for their futures.
Invested in our Members.
During a time where inflation was impacting many of our members, we are proud to report that service charges decreased year-over-year from $3.5 to $3.1 million.
As a member-owned cooperative we share our profits with our members. We set an annual target to distribute at least 20% of our operating income to you in profit-sharing. In 2023, that translated to $1,058,521 of profits going right back to members in dividends.
In addition to our normal patronage dividend and investment share interest, in 2021 we started to pay interest on member shares, and in 2022 on existing patronage shares. The interest amounts on member shares and patronage are paid into members' patronage share accounts, which will compound over time. The interest rate set on investment, member, and patronage shares is maintained at a premium rate that is equal to our average 5-year GIC rate +1%, which for 2023 was 4.89%.
Invested in our Communities.
Caring for our communities is another important cooperative principle for Mainstreet. We have set a mandate to donate 5% of operating income right back into the communities where we live, work, and play.
In 2022 we are proud to have shared a total of $193,150. We worked with organizations such as United Way, regional health foundations, and individual non-profits, to help maximize the services and programs that provide support for the complex needs within our communities. We were able to invest in our families and youth by once again providing a student scholarship, a program we aim to grow.
Alongside these larger initiatives, we were happy to volunteer our time and resources to various local organizations and sponsor and participate in events across our communities.
Invested in the Future.
Being a member-owned cooperative, our most important measure is member satisfaction. This past year we achieved a best-in-class 94% Member Satisfaction and 84% Net Promoter Score ratings. We are pleased to know that our members are benefiting from our value propositions; providing quality advice and personalized solutions, being responsive through engaged teams, being purpose driven and connected to community, and providing member centric omni-channel solutions.
Being truly member-centric within a flexible omni-channel service delivery model is an opportunity we will remain focused on over the coming years. We want members to be able to do what they want, when they want, and through their channel of choice. We believe in providing help and support in a flexible way that caters to individual needs.
We have made significant strides in technology recently, including the upgrade of our online banking platform. In the near future we will be adding new conveniences to our online offerings like the ability to see Mainstreet credit card balances and a self-serve account opening and loan application system for members who want to do more online. For those who prefer other channels, we will continue to make improvements to our branch, contact centre, and chat channels.
Cyber security is an ongoing issue for financial institutions globally. We continue to add new security features and invest in our cybersecurity systems and policies to stay one step ahead. We encourage you to take your security seriously. Do not reuse passwords, be vigilant against malicious software, and be aware of the latest scams. Our system allows you to set up alerts within online banking. You can set it to alert you if certain higher risk actions are taken, like adding a bill payment or new e-transfer recipient. If you're ever not sure, please reach out and we are always happy to help.
Invested in our team.
We would like to thank the executive leadership team and all the incredible staff at Mainstreet for their amazing hard work this year. It has been an excellent year and they've played a pivotal role in making this year a success. Our employees really are what differentiates us at Mainstreet, and we take employee engagement very seriously. In 2023 we achieved best-in-class employee engagement scores. We believe that engaged, empowered employees are key to delivering an amazing member experience. We will continue to invest in our teams who are so important to everything that Mainstreet does.
Finally, we want to extend our gratitude to our board of directors who serve and represent our members throughout the year. And thank you to our members who trust us with their finances and financial goals daily. We look forward to continuing to serve you.
2022 Year in Review
Throughout 2022, Mainstreet has achieved great organizational success to better the credit union for both our members and employees and we'd like to share some of our favourite accomplishments!
- We welcomed 1189 new Mainstreet members
- Introduced a digital transformation team to lead technological advancements for our members
- Launched a re-designed online and mobile app banking platform
- Welcomed 34 new Mainstreet staff members
- Shared over $1 million with our members and communities in profit sharing
- Invested $193,000 in community events, donations and sponsorships to better our communities where we live, work, and play.