Going Digital Vital for Wolverhampton City Credit Union

Tuesday 23 January 2024

Addressing members at its AGM this week, Chair of Wolverhampton City Credit Union (WCCU), Kevin Fearon stated the pandemic and successive lockdowns resulted in one of the toughest years in its history. “Tough for our members, tough for employees and the leadership team and directors,” says Kevin.

He told an audience of members via Zoom that the closure of the credit union’s Worcester Street branch and its presence at the Civic Centre and in community locations in Low Hill and The Scotlands due to Covid-19 had resulted in a ‘massive shift’ online with more members registering for online accounts to undertake routine transactions and to apply for loans.

“We’re conscious that we work in a digitally divided city, so our commitment to helping people move online has, I think, contributed to more feeling better connected,” Kevin added. “We accept that there has been a fall in service standards for those who don’t bank online, particularly as regards the speed of delivery and ease of access to services.”

During the third lockdown, WCCU launched the trial of an online loan application process which was beginning to bear fruit. Mr Fearon said: “As members know, increasing our loan book is critical to the long-term survival and prosperity of this organisation as well as a marker in how effective we are in building financial resilience in our WV communities. I am pleased to report that in May 2021, we achieved in excess of £239,000 in loans issued, the best month yet outside our Christmas lending period. And the early indication is that we will continue this trend.”

You can view the complete Chair’s Report here.