CUFOCUSWINTER 2020 NUMBER 1 FOR CUSTOMER EXPERIENCE 6 YEARS IN A ROW - CREDIT UNION ART COMPETITION UPDATE | MARCOMMS 2020 - THE IRISH LEAGUE OF ...
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CUFocus
Winter 2020
NUMBER 1 FOR CUSTOMER
EXPERIENCE 6 YEARS IN A ROW
Credit Union Art Competition Update | MarComms 2020
Editorial
Christmas 2020 will be a Christmas like no other in living memory.
Families who usually, at this time of the year, are preparing to
welcome home loved ones from abroad, will have to forego their
annual reunion until such time as they can embrace each other safely
without fear of contamination. Hopefully, we will all be able to
celebrate Christmas with those nearest and dearest to us at home.
COVID-19 has forced all of us to dig deep into our wells of resilience
and resourcefulness in order to get on with our daily lives with due
regard to the safety of our families, friends and neighbours. Our lives
are different than they were nine months ago. We are restricted in
our movements when socialising and mixing with family and friends.
We can’t travel far from our homes nor can we go away for a
weekend break to a hotel or guesthouse. We can’t support our local
club or county from the side line. We can’t jet off on those long
14 planned holidays just yet. We can’t meet our credit union colleagues
at our monthly Chapter meetings. But, with every crisis comes
opportunity to look at, and do things, differently.
Who would have thought that so many people could work so
productively remotely and link with their colleagues across online
platforms such as Zoom or Teams? Credit unions, North and South,
adapted to the crisis very quickly in order to continue to provide
their essential service to their members. As well as dividing into
separate teams to avoid the risk of having to close their office in the
case of a staff member or volunteer catching the virus, credit unions
quickly developed their technology platforms to facilitate members
banking on line. They developed outreach services to members and
non-members in their communities. Many pooled their resources
with neighbouring credit unions to encourage members to support
local businesses by borrowing locally and shopping locally. In
essence, credit unions came into their own by continuing to support
the communities from which they came.
This outstanding commitment to meeting and exceeding members’
expectations was recognised again this year when credit unions, for
16 an unprecedented sixth year in a row, were named first place in the
annual Customer Experience Awards. To achieve this accolade in
such a tumultuous year is testament to the resilience and
resourcefulness of credit unions across the island and highlights
the esteem in which their members and members of the public hold
them.
The world has changed beyond recognition but the ethos of the
Main Cover Image: credit union movement lives on in the work and commitment of its
Finn from the ILCU's
National Advertising wonderful volunteers and staff. Here at CU Focus, we wish all our
Campaign wishing all our readers the happiest Christmas they can have this year with many
readers a Happy Christmas
and New Year. more to come. In the words of the late Seamus Heaney, poet and
great friend of the late John Hume, “If we winter this one out, we
can summer anywhere”.
Editorial Committee: Editorial Committee: Gerry Thompson, Clive Davis and Paul Bailey.
ILCU ISSN 1649-377X. ILCU Board: Gerry Thompson, President. Eamonn Sharkey, Vice-President. Helene McManus, Treasurer. Ciaran Bishop, Charles Murphy, Margaret Heffernan,
Blanche Ronayne, Martin Sisk, Joe Mulvey, Jim Toner, Vanessa Foran, Martin Busch. Supervisory Committee: Patricia Doherty, Michael Cogley, Terry Redmond.
Contributions may be submitted via email to ilcucommunications@creditunion.ie.
Design & Print: Outburst Design. Please mark submissions for the attention of the editor, CU Focus Communications Department. The views expressed in this issue of the CU Focus are not necessarily the views
of the Irish League of Credit Unions. Advertising: The placement of an advert does not imply endorsement of the product or service advertised, either by the magazine or its publisher. The CU Focus will not
knowingly carry false or misleading advertising. Articles The CU Focus would like to hear your news and views. Send in any newsworthy stories or photos. The CU Focus tries to publish all appropriate information
submitted, but may be precluded by space constraints.
Published By Irish League of Credit Unions 33 – 41 Lower Mount Street Dublin 2 Tel: 353 (0)1 614 6700 Fax: 353 (0)1 614 6701 Email: info@creditunion.ie Website: www.creditunion.ie
2 :: CU FOCUS WINTER 20
04 Integrated Assurance with Compliance &
6 Risk Management
An overview of integrated assurance and the
potential benefits to credit unions
06 Business and Advice Support Services
(BASS)
Details of the services from BASS that directly
correlate to the key areas of risk as identified by
the Central Bank of Ireland (CBI) in its
September 2020 published report “Credit Union
PRISM Supervisory Commentary Report”
18 08 CU Learning and Development
The impact of virtual learning and how CU L&D
delivered their courses
11 Powered by People – Local Business
Edition
Supporting local with the new Powered by
People campaign
14 CXi Awards – Six in a row for credit
unions
22 Irish credit unions claimed the top spot in the
CXi Awards for an unprecedented sixth year in a
row
16 On the move – Sligo Credit Union new
offices
Sligo Credit Union move into their new offices on
Wine Street, in Sligo town
18 2020 Art Competition Update
Judges from this year’s competition give their
perspective on the art competition
28 20 Marcomms
A recap of this year’s virtual Marcomms event
22 ILCU Foundation
The Foundation’s new branding and messaging
28 Your Stories
A look at the latest news, events and initiatives
from credit unions
CU FOCUS WINTER 20 :: 3
Integrated Assurance with
Compliance & Risk Management
“The internal control framework of an institution should ensure effective and efficient operations,
adequate control or risks, prudent conduct of business, reliability of financial and non-financial
information reported, both internally and externally, and compliance with laws, regulations, supervisory
requirements and the institution’s internal rules and decisions.”
EBA Guidelines on Internal Governance (GL44)
The ‘assurance functions’ in a credit expectations. This article aims to compliance functions: these officers use
union are compliance, risk, and internal provide an overview of integrated systematic analysis and measurement
audit. Where traditionally the roles are assurance and the potential benefits to to identify compliance breaches and/or
distinct from each other, integrated credit unions from using this risks which the first line of defence may
assurance takes places when the three methodology. be unaware of or have overlooked. The
functions take a collaborative approach internal audit function as the third line
to provide confidence to the Three Lines of Defence acts in an internal and independent
management team and to the board of Prior to looking at what integrated oversight capacity. As this line of
directors that strategic objectives are assurance involves, it is relevant to defence takes no active role in running
being achieved, risks are being briefly revisit the theory behind the the credit union, they are best
identified and managed, and that Three Lines of Defence model. positioned to act in this capacity.
internal controls are working as The Three Lines of Defence model Integrated assurance means a
designed. The term and indeed, (see illustration on the right) has been coordinated view of the compliance, risk
practice of ‘integrated assurance’, has used to demonstrate the importance of and internal audit functions that is
gained increased focus recently given clear segregation between the frontline based on:
that it can – if implemented correctly - staff, and the compliance and internal Effective collaboration of the
lead to more effective governance as audit functions in financial institutions. assurance functions;
those charged with oversight gain a The model was first proposed by the Alignment of activities to avoid
holistic approach of the internal control Institute of Internal Auditors (IIA) in unnecessary duplication and gaps;
framework through more efficient and 20131. and
streamlined management information. In the context of credit unions, the Reporting and information sharing
This can potentially result in a better first line includes the board and officers. from all assurance functions.
outcome in meeting regulatory The second line includes the risk and
The Three Lines of Defence Model
Governing Body / Board / Audit Committee
Senior Management
External Audit
Regulator
1st Line of Defence 2nd Line of Defence 3rd Line of Defence
Financial Control
Security
Internal Risk Management
Management
Control Internal Audit
Controls Quality
Measures
Inspection
Compliance
1 Available for download on the IIA website.
4 :: CU FOCUS WINTER 20
Integrated Assurance in Practice
Integrated Assurance can:
The theory of integrated assurance
illustrates effective collaboration Reduce disruption to business Audits/reviews are better coordinated
between the assurance functions. But resulting in minimal disruption to
how does this translate in practical operations
terms into the day-to-day operational
duties of the assurance functions? Better management information • The management team and board of
On a practical level, examples of how directors will have a more holistic view
such collaboration may work in reality from combined reports
are as follows: • Improved quality of information in
reports
• A risk-based approach to compliance • The management team and board of
audit/monitoring – the compliance directors should be better able to
function in determining where to focus on high priority issues
focus and prioritise the compliance
Improved risk identification • The consolidated approach will result
audit and/or monitoring work may
in a more robust internal controls
take a risk-based approach by
framework
gaining the input from the risk
• Common view of risk among the
function and internal audit function,
assurance functions will be formed
for example if the credit union is
• Overlaps and gaps in risk assessments
deemed to be high risk in terms of
and controls are more easily identified
Anti-Money Laundering (AML)
• Better “coverage” of high-risk areas by
obligations, the compliance focus
all three functions when required
would rest heavily on this area.
• Coordination of work plans – at the
Reporting Reporting to the board of directors is
commencement of the audit year, the
simplified
three assurance functions may
benefit from collectively organising
their work plans for the year in order
to (i) avoid duplication of work where place to measure the performance of have transparency around the roles and
applicable and (ii) complement the the assurance functions, for example responsibilities of each of the
work of the other areas that are high highlighting compliance risks, an assurances roles and to better
risk. Effective project management effective compliance monitoring coordinate their work plans to improve
would benefit this collaborative programme, an effective risk analysis efficiency and avoid duplication of work.
approach. programme etc. At the same time, the independence
• Assurance from Internal Audit – of each function must be maintained in
Through regular engagement, the The above noted, credit unions order that the role is executed
internal audit function can assure the should however be mindful that effectively and according to legal and
compliance and risk functions that integrated assurance does not in any regulatory requirements.
they are effectively carrying out their way change the underlying core legal While there is overlap between the
audits and monitoring in ensuring and regulatory responsibilities functional areas, the board and
that the credit union is meeting its prescribed for each of the assurance management must recognise that all
legal and regulatory obligations. roles. assurance functions are in ways
mutually exclusive, for example if risks
To assist in adopting an integrated Benefits of Integrated Assurance in a particular area are well managed,
approach, the credit union should If implemented correctly, the this does not guarantee full compliance
ensure that: collaborative approach that comes with in the same area.
A clear definition of responsibilities integrated assurance can benefit the Furthermore, if a credit union is fully
and roles of the assurance functions credit union. The table illustrates some compliant will legal and regulatory
is in place as prescribed by the potential benefits. requirements, there may still be an
legislation and regulatory guidance; unacceptable level of exposure across
and Concluding Remarks associated risks.
Key performance indicators are in The goal of integrated assurance is to
CU FOCUS WINTER 20 :: 5
BASS (Business Advice and Support
Services) working with credit unions to
mitigate governance, credit, operational and
business model risks
Introduction
The Business Advice and Support
Service (BASS) Department of the ILCU
offers a range of services and supports
to all affiliated credit unions. These
services and supports assist each
affiliated credit union to define and
review its business strategy, to identify
key challenges in the execution and
development of a robust business
operating model and to keep abreast of
the latest industry and regulatory
developments.
The focus of this article is on those
services that directly correlate to the key
areas of risk as identified by the Central
Bank of Ireland (CBI) in its September
2020 published report “Credit Union
PRISM Supervisory Commentary
Report”. While the findings in that
report are based on risk issues identified
in Republic of Ireland Credit Unions, the during our supervisory engagements Risk Types Identified by CBI and the
key risk areas (and the associated each year, evidencing a lack of progress associated BASS support available to help
supports and services offered by BASS in the evolution of core foundations mitigate these risks
that directly correlate to those key areas) across governance, risk management The table below identifies the key risks as
have relevance for all credit unions. and operational capabilities. Good outlined in the PRISM commentary.
In summarising its findings, the CBI governance and robust risk Listed in the far right- hand column are
stated that: “while it is encouraging to management are necessary and critical the relevant associated supports available
note evidence of improvements in business enablers in this increasingly from BASS, which are in the form of
governance frameworks in some credit challenging environment and Health checks, Reviews, Data Analytics,
unions, we continued to identify some accordingly will remain a key focus of PEARLS etc.
fundamental issues across governance, our supervisory strategy”. These services are provided by a team
credit, operational risk and business The commentary is based on 547 which consists of Senior Business
model risk in many credit unions.” individual risk issues, identified by the Advisors (SBA); Business Advisors (BA)
Registry of Credit Unions (RCU) during & Data Analyst, all of whom have a
PRISM Supervisory Commentary findings its 2019 PRISM supervisory thorough knowledge of the regulatory
The CBI report sets out evidence-based engagements which formed the basis of framework under which credit unions
findings across the key risk areas and 86 Risk Mitigation Programmes issued operate, sound business acumen from a
outlines the associated supervisory to credit unions between January and wide variety of professional and practical
expectations. The report states that: October 2019. The credit unions are experience and, most importantly, a solid
“It is a significant source of prudential differentiated between small and understanding of the credit union sector
concern that we have continued to medium (€100m) and the challenges it currently faces.
identify similar types of risk issues All of the services listed can be availed
Total CU > €100m CU < €100m
No of RMP's/CU's 86 29 57
No of Risk issues 547 248 299
CUFOCUS
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WINTER 2017
20
18
BASS
Type of Risk identified Overall % of % of CU's identified under % of CU's identified under BASS SUPPORT
total this risk > €100m this risk < €100m AVAILABLE
risk identified
Governance Risk 35% 86% 74% Governance Health
Check (two-phased
review)
Credit Risk 24% 93% 84% Lending Health
Check/Credit Review
Operational Risk 23% 86% 91% Internal Controls review.
AML review
Strategy/Business Model 15% 72% 70% Strategy Development
risk review
Investment/Liquidity/ 3% Not detailed in report Not detailed in report AML Review, Data
Capital analytics quarterly
PEARLS performance
reports and training
Note: Due to current Covid-19 restrictions, reviews and health-checks are currently being conducted remotely using Bomgar software)
of within your credit union's current
ILCU annual affiliation fee.
Conclusion
The CBI report states ‘We expect
the findings set out in this report
under each of the risk areas be
considered by all credit unions, in
the context of assessing the
adequacy of their own risk
management framework and
determining appropriate and timely
actions to mitigate risks. This will
enable credit unions to mitigate
risks so that they are better placed
to serve their members’ needs in a
safe and sustainable manner.’
We, in BASS, are there to support
you in this endeavour and we would
encourage you to contact your
Credit Union's dedicated Senior
Business Advisor (SBA) for further
information on the support and
services available through BASS
and how to avail of them.
You may also contact our team's
administrator:
Joanne Mulhall
01 6146921 or at
jmulhall@creditunion.ie
or
businesssupport@creditunion.ie
CU FOCUS WINTER 20 :: 7
Creating Business Value through Virtual Learning
There have been many challenges and time in 2020. On a per course basis, continue to offer our virtual classroom
constraints imposed on us since spring of average national return travel time is 2 catalogue. Adding travel time and time
this year as the pandemic disrupted normal hours and 6 minutes. Distance adds-up too. saved in the classroom, on average 5 hours
business and forced us to develop creative Over 133,000km or 83,000 miles will be and 36 minutes will be saved per person
solutions to new problems. Opportunities saved which has an additional positive compared to in-person attendance on a 1
have presented in this space and the environmental impact. This equates to the day course.
migration of the credit union movement to average annual mileage of an Irish car over When considering your Training Needs
the virtual spaces has been impressive. In eight years. Converting this to emissions, it Analysis (TNA) for 2021, you should
L&D our virtual classrooms began early and is equal to 20 tons of CO2e, this is account for time saved when deciding on
were supported by a well-developed and pre- comparable to the emissions per passenger training options. When time saved is
existing catalogue of eLearning courses to of eight flights between Dublin and New identified, how best can this be reinvested
ease transition. York. to achieve enhanced business value?
Engagement with our virtual classes As we prepare for 2021 the need for time
provides measurable business value to all efficiencies will remain and L&D will
credit unions, as time saved can be
employed elsewhere. Traditional barriers to
in-person training are time and distance.
Time of course, is a resource that can’t be
reproduced, Steve jobs framed this well
when he said:
“It’s really clear that the most precious
resource we all have is time.”
Steve Jobs
Giving time back to credit unions has
emerged as a valued benefit of our virtual
training. This allows for more efficient time
management, around busy work and
volunteer commitments, while maintaining
expectations of the learning experience. The
time saved on travel compared to in-person
training is significant.
Over 1,900 hours will be saved across the
credit union movement in training travel
Over 1,900 hours will be
saved across the credit
union movement in
training travel time in
2020. On a per course
basis, average national
return travel time is 2
hours and 6 minutes.
Distance adds-up too.
8 :: CU FOCUS WINTER 20
Continuing to delivery your training preferences
Classroom training delivered through our trainers, to engage in group work and face to face last year are available for virtual
Training Schedule or In-house Schedule was networking, virtual classrooms enable us to classroom delivery. With classes being fully
postponed due to the current Covid-19 pandemic provide the same experiences you recognise interactive they are limited to small manageable
last March. CU L&D responded quickly to utilise from in-person training. This is achieved without numbers to allow one-to-one engagement with
conference technology, enabling us to provide the need for physical meeting or travel and your credit union trainer. All you require is a
this important classroom training to credit union allows us all to remain safe. webcam on your laptop, tablet or PC - to fully
officers accessing our virtual classrooms with A significant saving provided with virtual participate in the training. Bookings for virtual
PCs or other devices, whether in the credit union training is time. On average travel time to classrooms can be made as normal via the
or at home. training events is 2 hours and 6 minutes per Training Schedule on www.culearn.ie.
attendee across the credit union movement. For those seeking to upgrade a PC with
Benefits of Virtual Classroom Training Further virtual training is more efficient with an webcam capability, for an enhanced interactive
Virtual classrooms offer an interactive additional saving of up 2 hours and 30 minutes experience, we recommend devices which have
experience for those prioritising this in their per one day course. Together we are saving, a built-in microphone, privacy cover which are
learning. With opportunities to learn from driving efficiency and real business value. plug and play enabled. These are readily
others in your classroom, to pose questions to All CU L&D courses which were delivered available from electronics and IT providers with
suitable options ranging between €40-60.
In-House Courses
Virtual classrooms also allow us to provide a
course for your credit union – which may be a
good way to get important mandatory training
done (such as AML or ethics training). This can
support continued engagement between staff
and directors, which might be difficult at
present, or provide an opportunity to visually
check in and stay in touch as social distancing
restrictions continue.
All our courses can be delivered on an in-
house basis just for your credit union. This
allows credit unions to choose the date and
time for their training, (daytime, evening or at
weekends), and we will manage and coordinate
your trainer, bookings, course notifications and
CPD certification for all those who attend. All
your officers need to do is click on the Zoom
link we will send to them to attend and
participate.
A broad variety of courses are available to
run in-house; from the ever popular Anti Money
Laundering and Data Protection courses, where
everyone can be trained in the one go, to
courses specifically for an entire board such as
Effective Board Meetings or Governance, or for
staff or for key activities such as Business
Promotion or Lending and Credit Control. All our
courses are available to book on www.culearn.ie
under In-house Training.
eLearning
Our eLearning courses and recorded webcasts
provide the most flexible access to learning.
These are available 24x7 and progression is
self-paced allowing you to log in and out of a
course when you have availability. For those
with time constraints eLearning provides an
accessible solution to your annual CPD needs.
To discuss you training options please contact
CU L&D by email at learning@creditunion.ie or
call us on 00 353 1 614 6943.
CU FOCUS WINTER 20 :: 9
ADVERT Local Business Edition
2020 has been a year we’ll never forget and
we don’t need to tell you how it has impacted
every community around the world.
Christmas 2020 brings with it a chance for
celebration and a welcome relief from what’s
been a whirlwind of a year.
From lockdowns to restrictions, local
businesses have felt the brunt of this
pandemic. Many have been closed since
March, some have re-opened for a number
of weeks and had to close again as
restrictions ebb and flow. And now, during
the festive season, many will be worried
about navigating their business through this
time. It is hoped that business and
consumer confidence will make a positive
comeback after the current lockdown and
that the festive period will see consumer Christmas, here at the credit union, we are the story behind local businesses, as they
spend increase. keen to give local businesses the platform to may be doing something special for
Credit unions recognise the importance showcase their products and offerings. Christmas. Supporting local businesses on
of local businesses and are at the heart of With this in mind, we have launched a social media is a great way to support the
every town and village across the island of new iteration of our Powered By People wider community and helps members to
Ireland. An understanding of what creates series. Powered By People – Local Business become more connected – it’s all about
community and holds it together is the Edition is a social media series which spreading good cheer!
credit union movement’s guiding principle. promotes local businesses to our followers. Local businesses are encouraged to
Credit unions are valued by households and Businesses will also be featured on our feature throughout this series and to get in
businesses precisely because they are website, www.creditunion.ie. This campaign touch on Instagram @creditunion_ or send
institutions built on a mutual understanding leading into Christmas aims to create an email to imagine@creditunion.ie. We
of local people, local needs, and local awareness around staying local this would like information on the business,
opportunities. Christmas. some photographs and a link to any social
To support our communities this This is a great chance to communicate media channels or websites to be included.
ILCU SGM
The ILCU held a virtual SGM on Saturday 21st November where the motion to amend the League Rules in relation to the
holding of remote general meetings of the League was considered.
The League Rule amendment is designed specifically to allow for the holding of remote general meetings of the League
into the future in situations where it is not possible to hold a physical general meeting (as is the case currently during
the Covid19 pandemic).
The motion was carried unanimously by delegates in attendance.
CU FOCUS WINTER 20 :: 11ICU DAY
INTERNATIONAL
CREDIT UNION DAY 2020
In the absence of a physical event, this passed away in August of this year. the specially commissioned portrait of
year’s International Credit Union Day John had a huge impact on the world John Hume by Dublin based artist,
was celebrated a bit differently. The around him and his values embodied Shane Gillen featured in the video.
ILCU ran a week long social media the ethos of people helping people, The backing track for the video, “The
campaign to mark the occasion, telling which is still present in the credit Town I Loved So Well”, was recorded
the story of the credit union movement union movement today. exclusively for the ILCU by John’s life-
in Ireland, how it started all those To reflect the story of the credit union long friend, Phil Coulter. Phil also
years ago and why the movement movement, the ILCU began ICU week provided his own spoken tribute to
works so effectively for the people of by introducing our #HeresTheStory John and reminisced about their
Ireland, North and South. campaign. The campaign went back school days, in the town they both
to the very beginning of the credit loved so well.
The idea was centred on the union story, by telling the tales of The ILCU was overwhelmed with the
WOCCU's International Credit Union those who made the movement what response to the video and the
Day theme, “Inspiring Hope for a it is today and in today’s world, just campaign during the week. The video
Global Community”. This theme how many people have become part can be viewed through any of the
perfectly depicts the impact credit of that story. On ICU day itself, the ILCU social media channels. You can
unions have on the lives of their theme ‘Inspiring Hope for a Global also view any of the credit union story
members and their communities. The Community’ was the main focus. To content used throughout the ICU
theme also captures the impact of one mark this, the ILCU produced a week campaign on the blog section on
of the most influential figures of the special tribute video to honour John the ILCU website.
movement, John Hume, who sadly Hume. Messages of condolences and
CU FOCUS WINTER 20 :: 13MARKETING WINNING CXI AWARD For the sixth consecutive year, credit that consistently give a real damn between 2019 and 2020. EBS and AIB unions have claimed pole position for the about every single member’s needs.” have scored the biggest increases in best customer experience in Ireland at (CXi Ireland Customer Experience the sector at 7.3% and 7.2%. The the official CXi awards. Credit unions Report 2020) sectors quick response to the COVID-19 have strengthened their reputation as crisis has had a very positive impact on Ireland’s undisputed CXi champions by The Top Ten CX League Table 2020 it’s “I Trust You” score which increased not just taking the top spot again this The full list of the top ten brands for by 12.3%, and it’s “You Fix Things” year, but by also extending their lead at 2020 is shown below. Irish Credit scores which increased by 5.4%. These the top of the table. Union and An Post are the only two are the largest increases in scores for The CXi Report is published annually brands to have maintained a Top 10 these Emotional Drivers across all ten by the CX Company based on a survey position since the survey began in sectors in the survey. carried out on their behalf by Amárach 2015. It was noted that credit unions Research. Amárach surveyed 2,500 have widened the gap in scores Local and trusted voice Irish consumers who rated their between themselves and the no. 2 No matter which town or village or city customer experiences of 151 brands brand, which this year is Shaws in Ireland you find yourself in, there across ten sectors. Credit unions were Department Stores will always be a few constants. One deemed the overall winners with the • Credit Unions constant is the local credit union. highest scores across the six pillars of • Shaws Department Stores Credit unions are an essential service Customer Experience - Personalisation, • An Post and have stayed open during this Integrity, Expectations, Time & Effort, • Specsavers pandemic. In the times the entire world Empathy and Resolution. • Allcare Pharmacies finds itself in at the moment, people Credit unions also topped the poll for • McCauley Health and Beauty are yearning for somebody to tell them best financial brand and the best brand • FBD some good news, a friendly face for loyalty. • Lidl showing them they are there for them. Commentating on the win, Michael • Dunnes Retail And credit unions around the country Killeen, Chairman of the CX Company, have done just that. The COVID-19 said, “Once again I have to Financial Sector pandemic has brought about many congratulate Irish credit unions for their Irish credit unions remained at number changes in how credit unions conduct consistently high performance not only one for the sixth year running. This their business with members. They for winning for the sixth year in a row year, the sector has seen some have adapted their services and but for also widening the gap between significant changes. Newcomers continue to go above and beyond for themselves and the rest of the Revolut and An Post Money scored well their members. competition. This is a phenomenal against their sector competitors with Commentating on the fantastic six in achievement and really sets the gold Revolut ranking 26th in the overall a row, ILCU Head of Communications, standard for other Irish and global survey and An Post Money at 60th. Six Paul Bailey said "In what has been an companies to emulate. The credit of the nine brands in the sector made it unprecedented year, we are extremely unions continue to set world records into the top 100 this year compared to proud of this unparalleled achievement. which I have no doubt is primarily down just one last year. To achieve the overall award for the to their member or customer-centric The Financial Sector has gone from sixth consecutive year is testament to approach. Other companies take note!” having only 14% of brands in the top every credit union across the country The CX survey report noted how 100 in 2019 to 67% in 2020, and to all of the frontline staff and credit unions have kept a relentless indicating that CX has become a core volunteers who have exceeded their focus on understanding what matters strategy for most and how they had to members experience and expectations most to customers and being able to demonstrate empathy and make things despite the challenges posed by the deliver it in the experiences they give as easy as possible for customers over COVID-19 pandemic. them. the last six months. The sector as a He added, “Credit unions are an “Extraordinary focus from a group whole increased its overall score by 6% essential service and have stayed open 14 :: CU FOCUS WINTER 20
during this pandemic and will continue and beyond for their members. To also unions will continue to put the needs of
to do so under whatever Government get the top spots for best brand in their members at the heart of
restrictions are in place in the coming financial sector and best brand for everything they do as they aim for the
months. They have adapted their loyalty really rings true that credit magnificent seven next year.”
services and will continue to go above unions are the best in class. Credit
CU FOCUS WINTER 20 :: 15Sligo Credit Union move
to their NEW office
Sligo Credit Union are
delighted to have moved
into their new office on
Wine Street, in Sligo town.
The building, which was
previously the Clarence
Hotel, was bought by Sligo
Credit Union in 2018 after
a lengthy search for a
suitable building. With
over 25,000 members, a
figure which is increasing
year-on-year, a larger
office was needed to
ensure that members of
Sligo Credit Union
received the best possible
member service
experience.
Following an extensive
renovation, the new Sligo
Credit Union premises is
now open for members and Left to Right – Orla Lee, Deputy CEO at Sligo Credit Union, Angela Doohan, Operations Manager at Sligo Credit Union,
visitors alike. The interior Barry O’Flynn, CEO at Sligo Credit Union and Carmel Mullaney, Risk/Compliance Manager at Sligo Credit Union.
is spacious, bright,
modern, and designed with
a member-first approach.
From private lending rooms
to art features from local
artists and space for
members to socially
distance, the new Sligo
Credit Union office is an
exceptional building and
an asset to Sligo town.
Shona Heffernan,
Chairperson of Sligo Credit
Union said “We’re
absolutely delighted with
the move and the new
premises. It’s a fantastic
new home for the Sligo
Credit Union team and a
place that members can
really enjoy too.”
Left to Right – Angela Doohan, Operations Manager at Sligo Credit Union and Lisa Kerins, Member Service
Centre at Sligo Credit Union awaiting Members at the front desk in the new Sligo Credit Union office.
16 :: CU FOCUS WINTER 20Teachers CU office
refurbishment
Inside the new refurbished Teachers' Credit Union in Belfast.
Members of Teachers’ Credit Union in restrictions, the credit union is all over Northern Ireland, we wanted to
Belfast will be in for a treat the next delighted to see work completed on the ensure our services were accessible to
time they need to visit their offices, after ground floor. Further renovations everyone. The introduction of our online
the credit union unveiled a ground floor planned for the first floor are underway loan application, and docusign, have
refurbishment to allow members more to renovate the private office space and been a game-changer for our business.
privacy in conducting their business. boardroom. Our members can now apply for a loan,
and request to withdraw funds all from
The ground floor layout has been Angela McCabe, Office Manager, said: their own home. Our hope is to have
completely altered, with the creation of “We are delighted to see the work online membership application in place
pods that will allow members to discuss completed in our member facing areas. in the near future, but for now those
their business in complete privacy. The new layout is so modern and bright, who want to join can download an
Back office administration can now be the staff are delighted with it. More application form and send it in to us.
carried out away from public areas, with importantly, the creation of our privacy
a designated area for filing and pods has given us the opportunity to “Our online facilities could not have
processing paperwork now created for create spaces where members will feel come at a more appropriate time. This
staff, and a modernised waiting area to more comfortable discussing personal year has seen tremendous disruption to
ensure members who may need to can or sensitive business. all of our everyday lives. We have
wait to be seen comfortably. “In the last 12 months, we have ensured that despite reduced footfall
significantly modernised our services to into the office, we can continue to
The refurbishment began in early 2020, members. As an occupational credit deliver our services and meet our
and despite being delayed by a few union, open to membership for those members’ needs.”
weeks in the Spring due to lockdown working in Education and their families
CU FOCUS WINTER 20 :: 17ART COMPETITION 2020
Not even a global pandemic has stopped generation of budding stars. been more vital to get us through the
this year’s competition going from Caoilfhionn fondly remembers her tough times. The wording of the theme
strength to strength. This year’s theme childhood immersed in art. “My interest is indicative of positivity, but also aptly
“Imagine More”, encouraged entrants to in art stretches back as far as I can reflects today’s times”.
think past the current situation and remember! I drew on the wall in our old And on the topic of imagination,
imagine. Imagine More is influenced by house when I was three and I used to Caoilfhionn describes how her
the creative role art plays in Irish fill a copybook every week with new imagination continues to inspire her art
society and encourages participants to drawings growing up. I was always today, and how one lecturer influenced
unlock their imagination and look at useless at colouring inside the lines but her to never let it go, “Yes, 100%! I still
how art inspires us and our maybe that was a precursor to what I’m don’t think my composition skills are
communities. Despite the current doing now! Whilst I was hopeless at the best and for years focused on
challenges, art has kept people from all sports and struggled with maths and bettering my technical ability of drawing
walks of life connected and this year’s Irish (still inept, unforch), I’m delighted and painting, but my main aim these
theme encourages participants to my artistic ability was recognized and days is to tap back into the imagination
express this connectivity on paper or nurtured by my family and teachers ingenuity we had in buckets as
canvass. from such an early age”. children. My lecturer Susan said that
With over 30,000 entrants to this Growing up Caoilfhionn remembers we often forget how to ‘play’ as we grow
year’s competition, the talent on show her childhood fondly and her self- which is a shame, and that
is once again immense. This confessed obsession with the Credit encouragement has stuck with me”.
competition is open to all ages and Union Schools Quiz and Art Now more than ever, art has been a
abilities, and demonstrates just how Competition, “I placed somewhere for saving grace for many, providing an
important art is, in the lives of all. As my local age category for the Credit escape from what is going on in the
part of this year’s campaign, the ILCU Union quiz back in probably second world. Caoilfhionn nods to just how
interviewed two judges, who gave their class of primary school. I’ll say that I important art has been in this mad new
take on the theme, how they placed first but I’m happy if anyone world we find ourselves in. “Art in every
we’re inspired by art at a young wants to expose me with the team that I medium has definitely assisted in
age and why imagination is the came somewhere else on the lineup as connecting us when we couldn’t
key! I’m not too sure. I went to the Ursuline physically be together. I did not realise
Caoilfhionn Hanton, a 22 and they were always encouraging of how valuable the internet was until
year old visual art student in participation in the poster competition, lockdown, and that’s coming from
WIT, fondly remembers her and the Credit Union quiz. I was someone who’s always been addicted
childhood, which saw her enter obsessed with that too!” to it! Sharing positive sentiments online,
the Credit Union Art political art to protest some of the many
Competition. Now as an adult, Speaking about the theme of this issues society faces or simply having
Caoilfhionn returned to year’s art competition, Caoilfhionn the craic with memes were all forms of
Waterford Credit Union, where describes why ‘Imagine More’ is the art I’ve encountered daily since 2020
it all began to judge the 2020 perfect theme to capture the world began. Art also comes in the form of
Art Competition. We (virtually!) around us, this year, “I love the theme bingeable Netflix shows, the music that
sat down with Caoilfhionn, who ‘Imagine More’ so much. It perfectly makes us feel better or entering
shared with us her story of captures what we need to do now more competitions like this; expressing
becoming and artist and how than ever. 2020 has been a maaaaad yourself can be totally liberating. For
she hopes to inspire the next year, and art and creativity has never any age or ability!”
18 :: CU FOCUS WINTER 20Stephen Doyle – National Final Judge
Due to a few delays with Covid-
From the humble beginnings of local art
competitions, to paintings in the National
Gallery, we spoke to Stephen Doyle who
is a former winner of the Credit Union Art
allowed him to unleash that creative
person he knew was in there.
“In school, all you got was two hours
on a Friday for art, it never gave you the
* 19 the Stage 3 – National Final
of the art competition is due to
take place in early 2021.
Competition. chance to truly get a feel for whether this
From a young age, award winning artist was something which you could actually
Stephen Doyle, always knew he was continue as you got older in life”.
*
Art has always been a huge part
different from the rest. He would play Spending a few hours after school every
of Irish life and the Credit Union
football to hang out with his friends, but it day, drawing and painting allowed him
Art Competition, is dedicated to
was never something he actually enjoyed the space he needed to develop
supporting and developing the
doing. When he was around seven or creatively.
arts in Irish society. Promoting
eight years of age, he entered an art Through secondary school, art class
and encouraging involvement in
competition, and from then he knew he’d was his favourite outlet of the day. He
the arts across communities is
found where he belonged… completed his state exams in school and
an important message we want
At the age of seven, Stephen Doyle continued his creative path to Art
to spread. Art plays a critical
entered a local art competition where his College. Stephen attended Crawford
role in enriching the lives of
mother worked. The prize was an Easter College of Art and Design in Cork
everyone and is central to
Egg, but when he won it, it felt as though Institute of Technology. This is when art
sustaining, and increasing
he’d won a pot of gold. “For me when I became Stephen’s life. It was where he
connections. Entrants are urged
was younger, it was all about where I fit was meant to be. From the day he
to reflect on the crucial role that
in. started in Crawford College, he knew this
the arts play in Irish society and
I wasn’t always sporty or academic, but was the beginning of the rest of his life.
how they help bind communities.
the art room was somewhere I felt safe to Stephen had a passion for art, and no
express myself, there was no one person matter what stood in his way, he knew
better than another and I didn’t feel as if I that this was the path for him.
was competing with anyone else". Graduating in 2017, Stephen’s work
Stephen didn’t always know he wanted to references queer identity and culture
be an artist, he knew he was creative but through art. Stephen has gone from
never knew which creative path to take. strength to strength since graduating in
The next competition Stephen entered 2017. Most notably, he was shortlisted for
was the Credit Union Art Competition. the prestigious Zurich Portrait Prize in the
For him, entering competitions gave him National Gallery of Ireland. His shortlisted
the confidence to pursue what he was piece was also the first ever piece to
really passionate about. Competitions openly discuss transgender identity on
such as the Credit Union Art Competition the walls of the gallery.
CU FOCUS WINTER 20 :: 19MARCOMMS WEBINAR 2020 THE IMPACT OF COVID-19 ON MEMBER BEHAVIOUR, AND HOW TO RESPOND While we may be tired of hearing about how unprecedented things are, there can be no doubt that consumer behaviour has changed dramatically in recent times. While Covid may have been the impetus, many of the behavioural changes are here to stay. Every organisation must adapt to this changed member mindset, both for the here and now, and to prepare for what the short-term future might bring. In order to assist credit unions to gain an understanding of this changed behaviour, the ILCU’s Marcomms event took place virtually this year on Thursday 12th November. The main purpose of the webinar was to share insights into the changes and developments that have taken place since the Covid pandemic. The first segment of the webinar featured presentations on consumer sentiment, digital strategy and the ILCU’s own communications during Covid. The afternoon segment of the webinar featured case study presentations from credit unions who have adapted their practices in response to the pandemic. Presentations "Consumer sentiment - Painting a picture of sentiment, and behaviour, that might impact borrowing" Guy Perrem, Research Director at Core Research provided an insight into the changed landscape in which credit "Digital First Customer Service & Sales that having a strong digital footprint is unions are operating and the impact Presentation - Engaging members in a vital for credit unions. The types of which these changes will have. Guy world that has gone online" content people want to consume, presented statistics on how consumer Joanne Sweeney, founder of the Digital actions for building a winning online sentiment has been impacted by Covid Training Institute, gave an informative formula and the importance of building and how this will influence the potential and engaging presentation into the customer experiences were analysed. for credit union lending. The increase online customer experience and how in savings that people have credit unions need to utilise their digital "Comms amidst Covid - Actions, Insights accumulated, the growth of mobile platforms to engage their members. & Learnings" banking and borrower optimism were Joanne explained why the shift to digital Kieran McDonnell, ILCU also examined. has been fast-forwarded by Covid and Communications provided an overview 20 :: CU FOCUS WINTER 20
Credit union case studies panel discussion.
of the adapted advertising, insight into member journeys and also collaborated with each other on the
communications and content strategies making it as easy and simple process marketing of the campaign to broaden
utilised by ILCU Communications for everyone. reach and increase awareness.
during the various phases of the Covid-
19 pandemic. Kieran detailed the St Canice's Credit Union: "Managing Access Credit Union: "Love Local
different campaigns, advice and multi-channel Communications during a Campaign - an initiative with
support and actions that were Pandemic" Skibbereen Chamber of Commerce, and
implemented as well at the key Roisin Gilroy, Marketing and Business Schull and Bandon Business
'takeaways' in relation to changed Development Manager at St Canice’s Associations
member behaviour that have been Credit Union outlined how they Dominic Casey, Marketing Manager
documented. managed their communications during and Content Creator at Access Credit
A panel discussion followed these the first lockdown. Roisin explained Union presented on the very successful
presentations where attendees were how they put in place various actions Love Local campaign run in association
given the opportunity to send in their for staff, members and the community. with Skibbereen and District Chamber
questions to the presenters. These included Zoom meetings with of Commerce. Dozens of local
community groups, creating a Tik Tok businesses were involved in the
Credit unions case studies account for social media and putting campaign and exclusive discounts and
more resources in place in their daily deals were offered to the credit
Life Credit Union: "Life Online - member service centre to deal with the union members. A unique element of
Introducing a Full Online Loan influx of calls during the lockdown. the campaign was that local businesses
Application Process amid Covid-19" offered personalised virtual shopping
Julie Thornton, Head of Marketing with Heritage Credit Union: "Stay Local, via WhatsApp and Zoom for customers
Life Credit Union presented a case Borrow Local, Spend Local campaign - wishing to shop during the lockdown.
study into how they completely an initiative from Dublin credit unions" Dominic reiterated that the key
digitised their loan process, the steps Michelle Noone from Heritage Credit attribute of the campaign was its
they took to put the process in place Union gave an overview of the Stay positivity and how the community came
and the challenges they faced as part Local, Borrow Local, Love Local together and supported each other.
of that. Life Credit Union implemented initiative from 24 Dublin credit unions. The ILCU Communications
a fully online loan application and The main objective of this campaign Department is very grateful for
drawdown service which allows was to drive awareness and the everyone who took part in what was a
members and non-members to apply importance of local businesses being at very successful webinar.
for a loan from anywhere, at any time. the heart of the community. Michelle A recording of the webinar can be
Julie explained that one of the key outlined what was involved in the accessed on the ILCU affiliate area of
elements of this project was gaining an campaign and how the credit unions creditunion.ie
CU FOCUS WINTER 20 :: 21A new look for the Foundation 2020 has been a challenging year for all – internationally, providing safe and ethical Ethiopia, the Gambia and Sierra Leone. not least our credit union colleagues in financial solutions for communities and 2. Support local partners to grow their credit Africa, for which the Covid-19 pandemic has working towards the goal of achieving union movements and increase credit been extremely difficult. Thankfully, the financial inclusion for all. Every euro union membership by 25%. generous support of our credit union partners, invested in one of our African partner credit 3. Ensure that at least 50% of the institutional donors and corporates will help unions helps to fight against extreme poverty Foundation's technical assistance is these communities bounce back in 2021. and empower individuals to achieve financial delivered by Africa-based consultants, As we come to the end of 2020, the independence. and put individual plans in place to Foundation is now entering a new chapter in As we embark on this new chapter for the advance the professional development of its 31-year story with a renewed organisation, we have set out our ambitions at least six of these consultants. commitment to sharing the Irish Credit for the coming five years and refreshed our 4. Lift the level of adoption of ICT for Union experience to support and strengthen branding and messaging to reflect our business purposes to more than 80% credit union movements in Africa. This mission - together building financial among credit unions in the Foundation’s reflects the growing success of our mission inclusion. target countries. and our increasing ability to meet the needs of the communities we support in more Our ambitions over the next five years: The Irish credit union movement has sophisticated ways. The work of the 1. Raise €5.4m from credit unions and their helped to make real, tangible differences to Foundation plays an important and key role members, institutional funders and the lives of hundreds of thousands of people in educating people and assisting in the corporates to support the work of the in some of the world’s poorest communities. development of credit union movements foundation in the developing countries of We are people helping people. Amhara SACCO Federation established in Ethiopia In partnership with the Yalemwork Lijalem is the only International Fund for female Board member of the Agricultural Development new Amhara SACCO (IFAD), the Foundation has Federation. Yalemwork is also a been working on a project in Board member of Ribe SACCO Ethiopia to establish regional in the South Gondar Zone. She apex bodies for the 20,000+ is proud of her involvement in SACCOs (savings and credit the SACCO movement, “the cooperative organisations). establishment of a SACCO in Working with the Ethiopian my area has created Government’s Federal opportunities for women in the Cooperative Agency (FCA), the community to upskill and lead Foundation has helped to in management positions, for develop a roadmap for the children to receive education, future of the credit union and for families to save money movement there. To date two for investment. It also allows regional SACCO Federations members to access finance at a have now been established. In reasonable interest rate and October the Board of the newly provides an insurance service established Amhara SACCO for members to support them in Federation underwent training. emergencies.” 22 :: CU FOCUS WINTER 20
Improving financial literacy
in Sierra Leone
The COVID-19 travel restrictions and mass
gathering bans in Sierra Leone meant that
ILCUF Ltd staff (local staff in Freetown)
had to explore other ways to improve
members’ financial literacy in the absence
of formal training. Working closely with
credit union staff and Board members it
was noted that illiterate and innumerate
members faced difficulties understanding
their credit union passbooks without
assistance from literate and numerate
friends, family members or credit union
staff.
ILCUF Ltd engaged ‘My Oral Village’, a
Canadian company specialising in
making tools for illiterate and innumerate
members to use financial services. My
Oral Village use the theory of oral
information management to develop
written tools that are based upon the
strengths of illiterate and innumerate
people. While some in Sierra Leone do
not know how to read or write, they L-R. Ramatulia Mansaray, GMF member, Kadiatu Kamara, CU member, Conakry Dee Coop Credit
manage their finance through oral means Union. Mohamed Conteh (artist working on the revised pas.
such as through conversation or through
Below: Attendees at NaCCUA's sixth AGM held in September in Freetown.
seeing cash transactions. Therefore, the
credit union passbook needs to focus on
adapting to the strengths of people.
The work with My Oral Village involved
the review and revision of a passbook in
Conakry Dee Cooperative Credit Union,
as it has high illiteracy and innumeracy
levels amongst its membership. This
credit union is located in a rural fishing
village, not far from the international
airport in Freetown. The passbook
revision process involved an assessment
of community members’ literacy and
numeracy strengths and weakness,
development of new community specific
symbols for inclusion in revised passbook
and usability testing of new design with
passbook users. We hope this new
passbook will help credit union members
understand their finances and therefore
enable them to make informed financial
Union Manager and a member on what Thank you to the credit unions who have
decisions.
information you need to ask when taking contributed to our work so far this year.
In addition to the passbook revision
work, WhatsApp voice notes were used to a loan. WhatsApp is widely used in Sierra Together we are all playing a role in
share key financial literacy messages, in Leone so we could share these messages building financial inclusion for people
the absence of financial training. The with all credit union staff and Boards in who need it most. We wish you a safe
team developed role play voices notes Sierra Leone, who then forwarded it to and peaceful Christmas and we look
and credit union songs. One role play their individual credit union WhatsApp forward to meeting with you in 2021.
featured a discussion between a Credit groups.
Keep up to date with us on Facebook, Twitter, Instagram and Linkedin
For more information on the ILCU Foundation contact Sinéad on 01 614 6945 or email slynam@creditunion.ie
CU FOCUS WINTER 20 :: 23You can also read
