Credit unions are different from other financial service providers. Other providers, such as banks have a primary goal of profit for their owners. They must prioritise those profits over their customer’s experience. For credit unions, there is no tension between customers and owners. There are no customers – only members. The members are both shareholders, and users of the credit union’s services; and so their interests are in step. Credit unions top ranking in customer experience and brand trust surveys show this.
But credit unions still face challenges. The credit union must balance the needs of borrowers, savers, and transactors. The credit union must satisfy national rules while maintaining a community or local focus. They must embrace digital channels without losing the personal touch. To meet its members’ future needs, a credit union must grow its business in a safe and secure manner. This requires a culture of good governance within the organisation.
Governance can seem costly for both small and large organisations. A fully integrated solution, such as red flare, can help reduce those costs.
red flare allows your team to focus on managing risk, by reducing the cost of recording and reporting on risk. With red flare, your Board can see that their decisions and policy statements are the keystones of the business operations. Show your regulator that the right people with the right skills, the right experience, and right attitudes are in control of your operations with red flare’s proper persons module..