Credit unions must evolve to meet consumer expectations, registrar says

The credit union business model must change to cater for the needs and expectations of members, the registrar of credit unions said on Wednesday.

Patrick Casey told the Credit Union Managers' Association conference in Athlone that 2019 would be a "pivotal year" for some credit unions that were introducing new products and services.

Although credit unions generally have strong reserves, are growing their loans and are reducing their arrears, financial challenges remain for the sector at a time when consumers increasingly expect a “frictionless experience” when buying financial products and services, Mr Casey said.

Challenged

Some credit unions aspire to fuller service banking models, he noted, but banks are themselves being increasingly challenged by technology-led market entrants.

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“These new firms are typically more agile, compete without technological and structural legacy issues, and often target the most profitable business lines.”