Clockwise Credit Union celebrates another successful year in 2018
04 Jan 19
Last month, Chair of Clockwise, Paul Mattioli shared the key developments of the improved services of the credit union to members at its AGM.
Reporting on an enormously successful year, Paul noted savings had reached a total of £3.93m, a rise of £380,000 on the previous year as well as holding £310,000 saved by young members. He also reported its net loan book now stands at £3.9m, an increase of 21% on last year.
The Leicester-based credit union has been through significant IT developments and software automation that brings CCU closer in line with high street banks and digital lenders, by being able to offer instant decisions for online loan applications and faster payments 24/7.
Paul acknowledged that ‘the robust systems needed for these services has meant greater investment in staff which is the greatest asset to the business overall'. Clockwise CEO, Teresa Manning believes that: “Speed and accuracy are crucial when making credit decisions”, which has been fundamental to being awarded a 5 Star Fairbanking Mark by the Fairbanking Foundation.
The Fairbanking Mark signifies a quality product that has been assessed by a recognisable and accredited organisation. It shows an organisation that is transparent, fair and honest and ultimately one that is working in the interest of and contributing to the financial well-being of its customers. Speaking back in August when receiving its Fairbanking Mark, Teresa said: “We are absolutely delighted to have been awarded for the 5-star Fairbanking Mark for our personal loan products. We are proud to be part of the credit union community and fostering the credit union ethos. We passionately believe in putting our members’ needs at the heart of all we do.”
Teresa continued to thank the whole team at Clockwise during its AGM and proudly stated that 60% of new membership comes from referrals from family or friends. Teresa added: “To the team for all their hard work over the past year, their professionalism, their genuine care of our members, especially the most vulnerable, and their enthusiasm. They are a pleasure to work with.
“To the Board of Directors, for their vision, direction and support for the management and staff, and to ensure Clockwise continues to grow in a sustainable way through their commitment to investing in the staff, and in future developments for the continued benefit of existing and future members.”
The first quarter of 2018/2019 saw another impressive leap with an increase of 22% in inbound loan applications and an increase of 18.7% in loans given to member’s year on year. The team at Clockwise are looking forward to another great year.