Swoboda Conference Provided Insights on Current Issues and Trends for Credit Unions

Monday 29 January 2024

On Friday 24 November, the Swoboda Research Centre held its conference in Manchester which gathered over 100 credit union leaders and practitioners. Much of the conference explored the topic of what could credit union members want from their credit unions in the future.

In the morning session, participants heard from Prof Karen Elliott from the University of Birmingham, who had some tips for credit unions set on embracing technological innovations. She encouraged credit unions to “stretch beyond automating what we are already doing”, conduct risk assessments as part of their digital transformation journeys and build from scratch working with more agile tech companies. Credit unions should also take into account that members and staff will have different technological readiness levels, she warned.

In a panel session, Assistant Professor Andrea Lagna encouraged credit unions to maintain their community focus and mission as they evolve on their powerful digital transformation, making sure they do not drift away from that mission of serving members and communities. Data from the Bank of England’s 2022 Annual Statistics showed that there are more credit union members than ever before in Britain, at around 1.5 million which is a trend expected to continue. Whilst this growth is welcomed and encouraged, it is important for community credit unions to maintain their local focus which is engrained in the fibre of operations.

Teresa Manning MBE CEO of community-based Clockwise Credit Union described her credit union’s decision to focus on digital transformation in 2023. The credit union designed and successfully launched a cloud native core banking solution for members. The system, known as “Clockwise Core”, has been designed and developed entirely in-house by Clockwises’ own technology team.

Many speakers shared their insights at the Swoboda Conference and you can find out more here.