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Credit Unions set to expand

Monday, June 10, 2013

Credit unions are set to expand over the next two years following the launch of the ‘Credit Union Expansion Project’ which aims to attract up to a million more people into credit union membership. The project is being managed by the Association of British Credit Unions Ltd (ABCUL) and the first wave of over 30 credit unions have signed up to be part of it. 

The government has agreed to invest 35.6 million in the sector, and the new project will ensure that core administrative tasks are centralised allowing each credit union to benefit from economies of scale which they will be able to pass onto members through lower loan rates and better returns on savings. They will also be able to focus on providing the excellent service to members that they pride themselves on.

Credit unions will retain their local status and community focus, but work together where they can benefit from pooling knowledge and resources. This will give members the best of both worlds

Meg commented:

“This new project is very good news. By joining together to ensure their essential ‘back office’ functions are completed quickly and efficiently credit unions can do what they do best providing excellent services for local people.

Mark Lyonette, Chief Executive of ABCUL, said:

“Consumers will soon be able to benefit from the latest online technology to sign up to credit union services such as current accounts, budgeting accounts and Cash ISAs. A centralised hub will automate the delivery of products so that members can also access credit union services through secure connections to other networks. 

For details visit: http://www.abcul.org/media-and-research/news/view/334 

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