FISCAL 2021 STRATEGIC HIGHLIGHTS Table 2 - Execution Against Strategic Priorities
To create value for the people who choose CWB
Strategic execution during fiscal 2021
• Launched end-to-end digital onboarding for all personal clients, which allows accounts to be opened virtually with immediate ability to transact. This functionality also supports efficient in-person and over-the-phone client onboarding. • Limited roll-out of our Virtual COO (VCOO) solution in partnership with Temenos, a global leader in banking software. The VCOO solution integrates data and explainable-artificial intelligence powered tools to empower our small business owner clients to make informed decisions that accelerate their business growth. We believe the VCOO will be a differentiated solution for small business owner clients that, once fully deployed, will assist in driving strong client growth in this segment. Broader roll-out of the VCOO solution is scheduled to occur in fiscal 2022. • Progressed development of our enhanced digital banking platform, with an initial limited roll-out for personal clients currently underway, and a full launch scheduled in fiscal 2022 for all personal and small business clients. The new platform will provide enhanced functionality, including integration with the VCOO solution for small business owners once fully launched, and a single point of access that allows clients to seamlessly navigate between business and personal accounts. • Continued to integrate our wealth operations through a strategic focus to simplify the business model, re-align talent and strengthen the client experience. In fiscal 2021, we progressed towards the launch of a harmonized wealth management brand and initiated execution of a multi-year digital strategy and technology roadmap. • Repositioned our banking centre footprint in Alberta and British Columbia, and opened our new Edmonton Gateway banking centre to consolidate our teams in locations that feature our refreshed client-inspired design and provide an enhanced full-service client experience. • In 2021, we were recognized by Great Place to Work Canada® as one of the 50 Best Workplaces TM in Canada, one of the Best Workplaces TM in Financial Services and Insurance in Canada and one of the Best Workplaces TM for Mental Wellness, which reflects our unwavering commitment to advance a culture that puts people first. • Broadened resources available to our teams to build awareness and engagement around mental health and wellness, including the launch of a virtual portal supported by the Canadian Mental Health Association. • In recognition of National Day for Truth and Reconciliation, we continued our progress to build a more inclusive culture, with a focus on ongoing investments that build more awareness of the history and culture of Indigenous Peoples in Canada and support growth and learning within our teams and communities. • Expanded measures to support our stand against systemic racism and discrimination, with new talent pipeline programs targeted to improve our representation of employees with disabilities and Indigenous persons. We also introduced a new representation target for Black, Indigenous and racialized persons for our Board of Directors and Executive Committee by 2025. We achieved our Board of Directors representation target in fiscal 2021. • Awarded special bonuses to our frontline teams to acknowledge their unwavering commitment throughout the COVID-19 pandemic. • Delivered strong annual loan growth of 9%, including 10% annual growth in Ontario, which contributed to annual revenue in excess of $1 billion for the first time in our history. • Grew relationship-based, branch-raised deposits (1) by 16%, with strong 26% annual growth in demand and notice deposits, which helped support a 10% annual reduction in more expensive broker deposits. • Continued to build greater funding diversity on the strength of our capital market deposit program, with five senior deposit notes totaling $2 billion issued during the year at historically low credit spreads. • Continued our progress towards AIRB approval. Commenced the development and implementation of enhancements identified through our parallel run that will drive efficiencies in the use of our AIRB tools and processes throughout our business, and support continued refinement in the measurement of credit risk of certain lending portfolios.
Transform and optimize our capabilities to create an unrivaled experience for our clients
Drive a positive and inclusive culture and employee experience to create value for our people and remain a career destination for top talent
Optimize our business to create value for investors through profitable, long- term growth and sustainable returns
(1) Non-GAAP measure – refer to definition and detail provided on page 18.
20 | CWB Financial Group 2021 Annual Report
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