BASSETERRE, St. Kitts – WITH clear understanding of the challenges it has been facing, the St. Kitts Cooperative Credit Union (SKCCU) is holding discussions with a view to implementing a number of initiatives and projects aimed at repositioning the financial institution and its members to provide “A Better Financial Future For All”.
This was the focus of a guided discussion held last evening (Jun. 11) at the institution’s Annual General Meeting (AGM) at the St. Kitts Marriott Hotel.
With hundreds of members present, Treasurer of the Board of Directors Analdo Bailey presented a number of opposing factors which have affected the institution and declared that with the right approach and, in an atmosphere of togetherness, they could be overcome.
He listed some of the challenges as increase in regulatory requirements, decline in interest rates, rising membership expectations, increase in delinquency, rise in operational costs and a decline in membership growth and confidence.
He said the SKCCU is not in any position to compete with other banking institutions because it is not a bank. He however declared that it has several distinctive characteristics which could be leveraged to its advantage and to that of its members, as it seeks to secure a better financial future for all.
Furthermore, Bailey pointed out that there are some market trends on which the SKCCU could capitalise. These, he said, include the high cost of doing business with other financial institutions, bank customers seeking alternatives, increase in the number of individuals seeking higher rates on savings and lower rates on loans, and increasing demand for business counselling and financial literacy.
Bailey suggested it is therefore imperative that the SKCCU reposition, revitalise and rebrand itself as an organisation that could adequately cater to the needs of its current and prospective customers.
He said the journey to this end requires that the Cooperative Union movement becomes “member-centric”, which means that members must be at the heart of these establishments.
The resources of the SKCCU are more than financial, Bailey explained, and suggested that it is time to draw on the competencies of its members and implement programmes that would see greater benefit coming to the institution and its members.
Suggestions made from the floor include the establishment of credit unions in schools so as to give children an early experience of the function and benefits of such institutions, and starting a Member of the Year programme.
