First Rate Credit Union utilises technology to support members through difficult months

Despite its physical offices still being closed since lockdown began  back in March, First Rate Credit Union has paid out £1.5 Million in savings and loans to members to get them through these difficult months.

Operations Manager of First Rate Credit Union, Mike Barry believes the challenges that the Credit Union faced at the beginning of lockdown became an opportunity to move forward and not backwards. Mike said:  “As lockdown is slowly lifted and we can do more things, we should ensure that we use the opportunities to move forwards, not backwards.

“So it is with the Credit Union, where lockdown acted as the catalyst for our technological transformation plans through the introduction of technology that opens up credit union access to BAE Systems people from Portsmouth to Lossiemouth and all across the UK and puts it in the palm of your hands.”

Recent comments on First Rate’s social media have come from people who say they have worked for BAE Systems for many years and have never heard of the Credit Union. Mike takes some comfort in those comments, “they tell me our message is now reaching a new audience and that they are talking about us to others in their department, just as I have been asking you to do.”

Despite the problems the global pandemic has caused, First Rate has enjoyed a successful year of consolidation, increasing its lending and income, strengthening its regulatory reserves whilst at the same time reducing loan arrears and offering a high rate of return to savers.

Mike added: “This has been a successful year of consolidation and managed growth, increasing our income, strengthening our capital position, reducing bad debt and rewarding savers with a 2% return, a market-leading rate for easy access savings. We are ready to head into the future with great optimism.”

Looking ahead to the future, Mike says: “Over the coming years we plan to continue to go forward. To bring on new products and services and to improve our technology to ensure that we can bring the Credit Union to you all efficiently and effectively. We don’t have to concern ourselves with making profits for external shareholders, because there aren’t any. We exist solely for the service of our members and it shows in some of the feedback we have had.”