“I’ve long believed that banking should be in the business of building financial hope and optimism. That means helping people succeed, helping businesses grow and helping communities create the conditions for long-term prosperity.” – Vancity CEO Wellington Holbrook
Optimism is one of the most important investments in our economy. Nowhere is that clearer than in the work of South Island Prosperity Partnership member Vancity, a values-based financial institution that has spent 80 years asking what banking could do if profit weren’t the only measure. For nearly three decades, Vancity has served South Island communities directly — moving capital toward housing affordability, economic Reconciliation and climate action, and toward the people and businesses the banking sector has historically overlooked.
That work has always started with listening. Vancity’s approach is to spend time understanding what members actually need, watch how their world is changing and then use the tools of finance and technology to build solutions others haven’t imagined yet or haven’t been bold enough to try. The next chapter is already underway: a plan to combine 80 years of values-based service with AI-enabled digital experiences, putting a new kind of bank in people’s pockets across Canada.
But the challenge CEO Wellington Holbrook is most committed to tackling isn’t a product. It’s overcoming financial pessimism — that belief that no matter how hard you work, your financial future won’t improve.
In the Q&A below, find out why he sees that mindset as the thing standing between our region and its next generation of entrepreneurs and what he pictures for Southern Vancouver Island 20 years from now.
1. What groundbreaking approach or innovation sets your organization apart as a changemaker in today’s dynamic economic landscape?
Innovation isn’t new to Vancity; we’ve been a national leader in values-based Innovation for 80 years. Our approach may seem groundbreaking in a world chasing quarterly profit at any cost, but it’s simple. We spend time listening to our members’ everyday needs and observe the changing world they live in. We then use the tools of finance and technology to creatively design and build solutions on our members’ behalf, often creating new products and services that move capital to the hands of those who are often left out of the banking sector and that other financial institutions haven’t imagined yet or been bold enough to try.
2. What motivated your organization to join the South Island Prosperity Partnership? How does this align with your vision for societal or economic impact?
Local economies and businesses have always been the foundation of Canada’s prosperity. In today’s environment of economic uncertainty, local strength and resilience are more important than ever.
I’ve long believed that banking should be in the business of building financial hope and optimism. That means helping people succeed, helping businesses grow and helping communities create the conditions for long-term prosperity.
That’s why Vancity is proud to be a member of the South Island Prosperity Partnership. We’ve been serving South Island communities for nearly 30 years, and partnering with SIPP is a natural extension of our commitment to building a stronger, more resilient and more inclusive regional economy.
“… progress often begins with clear, human, practical steps: listening deeply, moving capital where it can do the most good, backing people and communities with confidence, and staying focused on the obvious things that matter most. For me, that is both a mantra and a responsibility. It reminds me that changemaking is not always about discovering something new; sometimes it is about having the conviction to do what is plainly needed and to keep doing it until it makes a difference.”
3. In light of current global challenges, what strategies do you believe are essential for cultivating a resilient and thriving economic future for Greater Victoria?
Greater Victoria already has significant strengths to build on. Anchor institutions such as the provincial government, the University of Victoria (UVic) and CFB Esquimalt provide a strong economic foundation. The region is also home to more than 1,100 technology firms, three post-secondary institutions and a robust network of organizations that support entrepreneurs and business growth, all of which help create a dynamic and increasingly important technology sector. The Indigenous economy is growing rapidly across Canada, and the South Island has become an important centre for Indigenous-led economic development. Tourism is another longstanding strength.
A key strategy is to continue building on these existing advantages by growing sectors such as technology, tourism and Indigenous business. Government, health care, post-secondary education and defence provide stability and a strong employment base, but private sector industries offer significantly higher growth potential.
At the same time, it is important to identify emerging sectors with the potential to become future economic drivers. The region’s post-secondary institutions provide a strong research and development foundation and there are early signs of growth in health innovation and related industries that are worth encouraging.
Another priority is continuing to attract people and investment to the region. Greater Victoria offers an exceptional quality of life, strong business support and a culture where people and businesses help each other. Those qualities may not always appear in economic statistics, but they matter greatly to entrepreneurs, skilled workers and families deciding where to build their future.
Finally, there is an opportunity to further strengthen the sustainable economy – green and blue. Sustainability is deeply embedded in the South Island’s culture and organizations such as the Synergy Foundation have helped create a supportive ecosystem for green and circular-economy businesses. While policy priorities may be shifting in the short term, longer-term analyses suggest the green and blue economies will remain important areas of economic opportunity.
4. With global competition for talent and investment intensifying, what unique advantages does Greater Victoria offer to stand out?
The Greater Victoria Region provides something many global markets struggle to offer: a strong sense of community, natural beauty and an exceptional quality of life that attracts and retains talent. What truly differentiates Greater Victoria, however, is its collaborative approach to growth—businesses, governments, post-secondary institutions, community organizations and Indigenous Nations increasingly work together to advance shared prosperity. This spirit of partnership, combined with a culture of innovation and sustainability, makes Greater Victoria an attractive place for people and capital seeking long-term impact and opportunity.
5. Looking at the hurdles facing our region, which challenge is your organization most dedicated to addressing and what drives this commitment?
The biggest challenge we’re committed to tackling is financial pessimism.
It’s the belief that no matter how hard you work, your financial future won’t improve. And when people are focused on protecting what they have today, it becomes much harder to invest in tomorrow.
That’s not unique to the South Island. But it has real consequences here. If you’re worried about where you’ll be six months from now, you’re less likely to start a business or launch a social enterprise that tries to develop a new health technology or tackle challenges like food insecurity and poverty, for example.
For us, this means an impact bigger than banking. If we can help people and entrepreneurs believe in their future, we can unlock the ideas, investment and innovation communities like the South Island region need.
Of course, we continue to focus on areas where we can make a tangible difference — housing affordability, economic Reconciliation and climate action among them. But our deepest commitment is helping people and businesses build resilience, create opportunities and move forward with confidence. And if we can do that in the South Island region, day in day out through our branches and our community investment, I believe we’ll help create a strong foundation for the region to address more specific hurdles it’s facing.
Because at its best, that’s what banking is supposed to do.
6. What upcoming initiatives or projects within your organization are you most enthusiastic about?
We believe banking in Canada isn’t good enough. Our research tells us, our sector isn’t meeting the needs of many everyday Canadians. I’m really excited about our plans to change that by putting a new kind of bank in the pockets of people in Canada. This year we are starting the work to combine our 80 years of experience delivering values based financial services with the latest AI enabled digital experiences to bring a new way for people across Canada to spend, save, support their local economies and contribute to a greener world. Watch this space!
7. Is there a particular mantra, individual, or reading that has fueled your drive to make a difference in what you or your organization does?
A leader I admire once introduced me to a small book from more than a century ago called Obvious Adams, by Robert R. Updegraff. Its lesson has stayed with me ever since: when we face difficult problems, we often assume the answers must be equally complex. But sometimes the most powerful thing we can do is look carefully at what is right in front of us, name it clearly and act on it with courage and discipline. That idea continues to fuel my work at Vancity. Whether we are advancing climate action, helping create more affordable housing, supporting economic Reconciliation, or building more resilient local economies, the challenges can feel enormous. But progress often begins with clear, human, practical steps: listening deeply, moving capital where it can do the most good, backing people and communities with confidence, and staying focused on the obvious things that matter most. For me, that is both a mantra and a responsibility. It reminds me that changemaking is not always about discovering something new; sometimes it is about having the conviction to do what is plainly needed and to keep doing it until it makes a difference.
8. Fast-forward two decades: how do you picture Southern Vancouver Island? Describe the transformations that will have taken place and paint a picture of our collective future, including our economic future.
Twenty years from now, I see a region that people want to live in, work in and build in.
It’s a region that has become a global hub for innovation in the industries shaping the future—whether that’s technology, health, the blue economy, or something we haven’t imagined yet. It’s a leader in building a strong Indigenous economy, and a model for how prosperity, sustainability and affordability can go hand in hand.
Most importantly, it’s a place where success is rooted in community. Where people support local businesses, businesses invest in their communities and everyone understands that we’re stronger when we move forward together.
