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- 2. ALTERNA SAVINGS (OTTAWA) • Alterna Savings and Credit Union limited is a credit union and it is mostly known by the name of the Alterna Savings. • It is basically based in Ottawa, Canada. • It contains $8 billion of assets as per the management and has 166,000 members as well as 35 branches. • It has up to 500 employees and was found on September 3rd, 1908.
- 3. HISTORY OF ALTERNA SAVINGS The organization had an event that provided major growth that was held on April 1st, 2005 that merged with CS CO-OP & Metro Credit Union. The assets were combined that were almost $1.8 billion. The merger was called as "first of its size to be approved in Ontario history". The merger was named as Alterna as adopted by the parent organization.
- 4. COMPANY GROWTH AND TRANSITION Oct. 2013 Ottawa Women's Credit Union Mar. 2016 Peterborough Community Savings Dec. 2016 Nexus Community Savings Dec. 2018 Toronto Municipal Employees' Credit Union May 2019 City Savings & Credit Union Ltd. June 2020 Quinte First Credit Union Oct. 2020 Member Savings Credit Union Ltd.
- 5. ORGANIZATIONAL STRUCTURE • The organization consists of 6 companies in different locations. • It has 500 employees in the organization of all the sites and 250 on this site. • The president of the organization is Robert Paterson followed by Jose Galant that is the senior vice president.
- 6. VISION AND MISSION The goal of the organization is to see the individuals, communities and employees to thrive. The organization believes in a purpose of making profits and also keeping the communities and individuals satisfied. The organization have all the members that are like minded and thrive to solve all the issues collectively.
- 7. PURPOSE OF ALTERNA SAVINGS To earn profits with the profitability of all the communities and all the employees. It helps and has a purpose of making home buying more affordable. The purpose of this organization is to make banking easy.
- 9. PRODUCT AND SERVICE DESCRIPTION • The organization deals in certain products and services related to banking and investments. • The services consists of everyday banking, Homebuying, Investments in different terms and helps in establishment of business. • The organization also provides the facility of mobile banking facilities for accessing the account and enjoying the facilities with the help of login id and passwords.
- 11. POLICIES FOR CORPORATE SOCIAL RESPONSIBILITY The organization believes in sharing a commitment towards the development of the young individuals and also giving a proper experience to the consumers. The company contributes towards the corporate social responsibility by different types of donations and recycling process. The committee of the organization helps in improving the resilience and capacity by supporting the amplified causes provides fundings for charities.
- 12. SPECIAL PROGRAMS AND PROJECTS Community Financial Resiliency Program: Increases and improves sustainability. Microfinance program: Addresses the socio-economic inequity with the help of different financial opportunities. Financial literacy program: Workshops related to financial literacy for all the age groups. Financial Inclusion Grant Program: This grants the 1 or 2 organization annually with $40,000 .
- 13. DISTINCTION AWARDS The organization has given an Alterna Savings Social Responsibility Award to a kid Ajmal Sataar for showing innovation and had so many business and entrepreneurship ideas. The organization won 15 customer excellence awards on 9th June, 2021 from Greater Toronto contact centre. The organization announces Gary Gillam award in 2021.
- 14. HEALTH AND SAFETY POLICIES • The organization believes that health and safety is very imperative in an organization and attempts to make a comfortable place for the employees. • The organization continuously consists of provisions for the security and safety with the help of different events that are held to control different disasters. • The employees can report immediately to the supervisors in the case of any problems and issues faced by the organization.
- 15. ADVERTISING MODE • Twitter • Facebook • Instagram • Youtube • Linkedin
- 16. OTHER FORMS OF ADVERTISEMENTS INCLUDE Promotional campaigns Social media Travel related events Onsite promotions Usage of logos and marks Online signage.
- 17. PUBLIC RELATIONS The organization has shaken hands with the cooperation's and follows certain government policies. The organization announces and organizes many charitable events that helps the organization to carry its operations properly. The communications forms are carried out properly for knowing the requirements of the customers.
- 18. FINANCING • The financing of Alterna savings is done with the help of community microfinance program and also loans that are available. • The funding is done as it is a credit union. • The sales were seen as $67.92 million. • Limited financing.
- 19. REFERENCES Jackson, E. T., & Tarsilla, M. (2018). 5. Mixed Methods in Social Accounting: Evaluating the Micro-Loan Program of Alterna Savings Credit Union. In Accounting for social value (pp. 117- 138). University of Toronto Press. Rouf, K. A. (2012). Green microfinance promoting green enterprise development. Humanomics. Christensen, K., Bellefontaine, C., & Peters, T. (2017). Current Trends in the Canadian Credit Union Sector. Banking & Finance Law Review, 33(1), 73-82.
- 20. REFERENCES Alterna savings, 2021,. "Alterna Savings and Credit Union Limited - the Good in Banking for over 110 years!" Online. Available at: https://www.alterna.ca/AboutUs/ Accessed on : [23rd November, 2021] Shenouda, N. (2020). Social Capital as a Determinant of Microfinance Clients' Outcomes (Doctoral dissertation, University of Toronto (Canada)). Burger, T. (2016). Social Purpose Enterprises: Case Studies for Social Change.
Editor's Notes
- The presentation represents about the organization Alterna Savings and Credit Union limited as it is located in Ottawa and provides financial services. The website of the company is www.alterna.ca. It basically operates through digital access and has almost 35 branches.
- This slide explains the history of the organization that shows the merger of CS CO-OP & Metro Credit Union that eventually gave rise to Alterna savings on April 1st, 2005. The merger was named as Alterna as the name adopted by the parent organization. After almost 8 years the organization absorbed the smaller credit unions with the help of 7 transactions that were held between 2013 & 2020.
- This slide shows the company's growth and transition that happened with the course of time as one of the major transition happened when Ottawa Women's Credit Union that was formed for upliftment of women as for low income women. Moreover City Savings & Credit Union Ltd was previously known as North York Municipal Employees Credit Union.
- This slide shows the organizational structure of the organization that consists of 500 employees in the organization of all the sites and 250 on this site. The organization's president is Robert Paterson and senior vice president is Jose Galant, followed by Adam Qidreh as advisors.
- This slide shows the vision and mission of the organization that states a vision of making profits and also keeping the communities and individuals satisfied. Moreover the company aims to deal with the problems with one another with positive mindset.
- This purpose of this organization that has been shown in the slide is to earn profits with the profitability of all the communities and all the employees. Moreover the it also makes the investment easy.
- This slide represents the services and the products that bathe organization provides that consists of the everyday banking, Homebuying, Investments in different terms and helps in establishment of business. The organization believes to provide total transparency in terms of the consumers.
- This slide shows the policies related to the corporate social responsibility that shows that the company helps in improving the resilience and capacity by supporting the amplified causes provides fundings for charities. The company operates in a very sustainable manner.
- This slide shows all the projects and programs that the organization has undertaken in a particular time period which consists of Workshops related to financial literacy for all the age groups and funding many organizations as well as promotion of the financial literacy.
- This slide shows the awards that the organization has won or has announced in the organization. These awards consists of 15 customer excellence awards that the organization has won on 9th June, 2021 from Greater Toronto contact centre. Moreover it has also announced so many awards that are shown in the slide.
- This slide shows the attempts made by the organization in terms of health and safety of the company that shows of provisions for the security and safety with the help of different events that are held to control different disasters. Moreover the has certain health and safety practices that helps in complying with the requirements of the organization.
- This slide shows the advertising modes of the organization that are some social media sites such as twitter, facebook, instagram, youtube and linkedin.
- This slide shows different modes of advertising that the organization uses for promoting the company and its operations. Mostly the organization promotes itself with the help of online mode.
- This slide shows the that how the organization practices Public relations and that can be seen as the organization announces and organizes many charitable events that helps the organization to carry its operations properly.
- This slide shows the financing of the organization that shows Financing of Alterna savings is done with the help of community microfinance program and also loans that are available and also sales were seen as $67.92 million.