We Help People” say Co-op Credit Union as it Shares its New Purpose Project

Thursday 25 January 2024

Following a year-long process of reflection and consultation to better understand what the credit union’s purpose is as an organisation, and to think about how it ensures that the credit union is doing all it can to realise it. Co-op Credit Union has published its results in a formal document, ‘Defining our Purpose’ setting out its five key commitments to deliver on its social purpose as an organisation.

The Purpose Project has been led by a committee of the board and staff team, to go to the heart of what they’re working for and how they make sure they don’t lose their way while attempting to achieve it.

“We are proud of the work that we have done and the fact that in doing so we have been identified as a thought leader in the credit union sector. Most of all We Help People” says Chair, David Fawell.

Through a process of meetings, discussions and focussed group work, the committee came up with a set of proposals focussed around five themes:

• Campaigning – giving a voice to members & their concerns
• Social goals – defining and measuring social values
• Code of conduct – committing to industry best practice
• Co-operative principles – living up to co-operative values
• Inclusion & diversity – responding to the diverse needs of members

There was an additional key theme within the consultation – the importance of good mental health & wellbeing. The consultation recognised the stress and strain that comes along with the fast-paced digital world of the twenty first century. In times past, people have relied upon personal relationships to help cope with the pressures of day-to-day life, but as the world increasingly move online – and with the impact of the pandemic & being locked down only accelerating this – those personal connections that support people to cope are gradually eroded.

That’s why the credit union is making supporting good mental health & wellbeing through supporting good financial wellbeing the overarching theme of its purpose as an organisation.

“We are small and we can’t do everything, but we know how important good financial health is to good mental health and that’s where we’re focussing our efforts,” says CEO of Co-op Credit Union, Matt Bland.

There are a number of ways in which the credit union will support its members to achieve this:

• Redoubling efforts to deliver cheaper credit and to help members build savings
• Providing tools to help members manage their money better and plan for the future
• Providing real support to vulnerable members who face particular challenges managing their money
• Raising awareness of issues to the mental health of our members & their peers

Matt Bland added: “We are an ethical business with our members at the heart of everything we do. And while we pursue an ambitious agenda for growth, we are determined to retain our credit union difference.

“The publication of this document marks the beginning of a journey for the credit union, not the end. We will be returning to our commitments each year to review if they remain the right ones, to build on our achievements over time and to report to members and stakeholders on our progress.”

A downloadable version of the full report is available here.