HOW
HAVE WE BEEN DOING?
At the end of June, we passed the three-quarter point of our financial year, which runs from October 2020 to September 2021. With all the turmoil affecting personal and business life, you may be keen to know how your Credit Union is faring:
·
Business has been
steadily returning to its normal seasonal pattern since Easter and we’ve
recently enjoyed a record inflow of loan applications of all sizes.
·
New member recruitment (net) is
around 34% ahead of the same period last year.
·
Members’ Savings – now totalling
£13.7 million – are up by 14%. Lots of
members have increased their regular savings as they were unable to spend
normally. It will be interesting to see
whether these funds flow out as the economy bounces back.
·
After a big fall in
demand for Members’ Loans (especially
for larger loans), we’ve now issued 28% more loans this year than over the same
period of 2020.
·
With income (mainly
loan and bank interest) a little higher, and costs well under control, we’ve
earned a higher Surplus (after tax and
dividends) than a year ago.
It also gives me and
the Directors some satisfaction that, despite the tough challenges our staff
and volunteers faced, we never failed to provide our members with a service for
even a day during the whole Covid period.
A big thank you to our fantastic team and to our members for your superb
loyalty!
OUR SPEEDIER DIGITAL JOURNEY
I asked Matthew, our Project & Systems Manager, to explain how we’ve
moved on apace with adopting new technology solutions to improve our members’
and colleagues’ experience. While some changes were brought forward
in 2020 to help us through Covid times, they form part of a longer term Digital Strategy that we’re developing,
in conjunction with our main software partners and other key providers.
On our Website, we’ve simplified the Become a Member section, making it easier for new members to join, whether to save or borrow, without having to click through lots of screens. Electronic IDV means applicants often don’t need paper documents to prove their ID and address. Our Web App, which lets members make transactions and apply for loans from any device, gains new users every week, with over 60% of members now using it regularly.
We’ve revamped our website Loan pages to make it easier to find the loan you want and added online forms
for our popular Family Benefit Plan
and Members’ Lottery.
We introduced a more user-friendly online loan application experience. A postcode look-up feature helps
applicants enter their home details correctly. Applicants receive emails
to keep them updated, giving them peace of mind and avoiding the need for
follow up calls. For us, it eliminates
manual paperwork and data input, helping to turn loans round even quicker (same
day sometimes).
We now use Open Banking during the loan assessment process, to
view an applicant’s bank account history and, when a loan is approved, we can use an electronic signature system, and a messaging facility to keep in
touch. On our website, there’s a chatbot called Jude, who answers
queries and provides information even when our offices are closed.
Technology has even transformed our meetings! Instead of our
Directors having to travel long distances to a central boardroom, they now use Go
to Meeting, connecting virtually from their own home or office, just as
members did for the 2020 AGM. Many business meetings are held this way
using various systems (Zoom, Teams etc).
We use Mail Chimp and Social
Media to tell our ongoing story and engage with members. Do make sure HEY Credit Union is “white
listed” on your email account to avoid our news dropping into your junk folder.
We collect data (analytics) to learn about the effectiveness of each activity,
what works well and what doesn’t.
PROGRESS IN BRANCHES
Unlike our major
banking competitors, HEY Credit Union isn’t planning to withdraw its branch
network. While many members happily deal
with us online or by phone, our walk-in branches offer a vital personal
presence, where local residents can call in to see our friendly teams
face-to-face. We know they are valued.
After some
temporary closures due to lack of staff cover (some colleagues had to look after family members or home-school their
children), all branches are now welcoming members back:
Goole and Driffield re-opened in March, with a
free raffle for all members popping in.
Driffield volunteers handled record deposits on their opening day and
their raffle prizes were provided by local businesses The CoZee Café and Raffles
Fruit Shop. Goole held a fund-raiser
for the Toy Appeal and Yorkshire Air Ambulance plus a Euro 2020
themed draw, with a super prize donated by Morrisons.
Driffield raffle; Goole Euro 2020 display
Bridlington branch was
given a mini-refit and painted inside and out, to greet members with a
sparkling new look when it re-opened, and a new team member – Helen - joining
Sarah. They have started a Bridlington
Members Facebook page – if you live in the area, please give it a Like, and
keep in touch with all the news!
Withernsea branch works
with the new Shores Community Pantry to make users aware of Credit Union
services; a Spring Newsletter went to all homes via Royal Mail and some cheery
window stickers were issued to local traders to show support for our Big Local
funded Credit Union Town project.
Scunthorpe and Hull Central branches remained open
throughout, but with restricted hours and Covid safety measures always in
place.
Finally, Grimsby/Cleethorpes is the only large
urban area (population 127,000) in our region without a branch. I am pleased to say we are seeking a suitable
town centre base and plan to be up and running very soon.
CREDIT UNION PEOPLE NEWS
It’s been a time of change on the “people” front, too, with our long-serving, first ever Finance Manager, Eddie Hotham, retiring at the end of March after 22 years’ service! John says, “We shall really miss Eddie; she started along with me as one of the founder volunteers back in 1999, and has been a constant presence, ever willing to take on new challenges, but always determined to keep our finances in good shape. We all wish her a long, happy and well-earned retirement.”
Two new members
recently joined our volunteer Board of Directors:
Terry
Dagnall is
a self-employed shop owner in Withernsea. He is passionate about improving
the East Coast town and getting a better way of life for its residents. A
member of Withernsea Big Local, a Town Councillor and Town Mayor 2017-20, Terry
is also a Director and Chairman of the Meridian Centre.
Matthew
Kelly
has nearly 20 years' experience working in social housing and currently serves
as Income Manager for Ongo Homes in Scunthorpe, one of our payroll
partners. He served on the board of Advice North Lincs and is a member of
the Institute of Leadership and Management.
On
the staff team, we welcome Lauren
(Branch Development) back from maternity leave after the birth of her daughter,
Eleanor. And Matthew Lloyd (Withernsea Branch) has been selected nationally to
take part in this year’s CU Futures,
a leadership development programme for young credit union professionals.
WE’VE BEEN OUT AND ABOUT…
Pleased to see our Social Impact Report getting some great coverage in around 20 newspapers and web magazines recently. The articles, tailored to each of the main towns where we have branches, explained how we’ve been helping people and families across the Humber Region, and beyond, to improve their financial wellbeing since 1999. Thank you to the local members who agreed to be interviewed for these stories, you did a fabulous job. Take a look at the stories here.
Some of you may have spotted us at the Hull Big Malarkey this year. This popular weekend festival, a celebration of arts, crafts and literature for young people organised by Hull Libraries, was held in East Park at the end of June and we were proud to sponsor it.
We’re also featured in the Hull & East Riding Mumbler, a much-visited online parenting community. Head over there to see our articles, ads and offers.
A SPECIAL VISIT
Finally,
in May we were honoured with a visit from the Lord Mayor of Kingston upon Hull, Councillor Lynn Petrini,
accompanied by Councillor Gwen Lunn.
They made two presentations, one to our staff team in recognition of the
way they’ve gone the extra mile to help the people of Hull during these
difficult times. Steve Verity, Acting
Branch Co-ordinator, accepted on behalf of all colleagues. And then, much to my surprise, they
presented me with an engraved tankard and Lord
Mayor’s Certificate in appreciation of my work for the community over many
years, as a local government officer, Co-operative Group director and first
ever CEO of HEY Credit Union. I was very
thrilled with my award and will treasure it always.
Don’t forget, we are here to help – please give us the chance. Here’s 3 ways to support us too:
· Leave a review on Trustpilot.
· Recommend a friend, family member or work colleague to join us.
· Vote for us in the Consumer Credit Awards – by 15 August – you could win £1,000!
