When we heard from Lory Block about how she and Vancity’s Executive Team were using Global Trends recently, the thing that made us really sit up was her description of Vancity’s vision: “Our vision is to redefine wealth.”
Redefine wealth? Vancity celebrated its 65th anniversary in 2011, along with its best ever financial results. As the largest credit union in Canada, it offers financial services to around 480,000 members who have entrusted the organization with C$16.1 billion of their assets. So how can a financial services institution, which is in the business of making profits, be purpose-led? In a depressed economic climate, where bankers have been widely criticised for their role in the financial crisis and detachment from the challenging everyday reality of people trying to survive against a background of unemployment and debt pressures, what makes Vancity unique?
We called Lory to find out.Continue