1st Class Credit Union recorded its best lending month ever in October – making loans to members worth £1m for the first time in its 29-year history.
The Credit Union, which serves those working in the postal and wider communications services sector, has made significant investments in the last year to enhance its digital services to members which it identifies as critical to achieving this milestone. Partnering with Incuto, it launched a new website with an improved members’ area as well as a straightforward online loan application earlier this year.
Though the planned developments were already in the works, the implementation happened during the lockdown period when digital access was more important than ever. The changes were driven by the limited capabilities of the Credit Union’s old systems, the digital expectations of its member base and the opportunities that a new system provided to serve members even better.
Speaking about the service improvements, 1st Class Credit Union, Chief Executive Andy Wright said “from a membership survey earlier in the year our members told us they wanted an easier to use website, a quicker loan process and increased communication, and that is what we delivered.”
The number of members using digital services has grown from 42% to 79% since switching across fully in July. Andy added “We have seen an increase of 20% in the number of members joining in the last few months compared to last year, giving us confidence joining is quicker and easier than ever now.
“However, our proudest success story so far is lending more than £1million to our members in the month of October. Our members love the new loan application, with 99% of those asked saying they are either likely or very likely to recommend a 1st Class Credit Union loan to a colleague. As a payroll partner credit union this is another huge success for us.”