JOHN’S BLOG – SUMMER 2021

 We hope all our members and supporters are keeping well, and enjoying the sunnier days.  It’s high time we updated you on how 2021 is turning out here at HEY Credit Union…

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:

John Smith, CEO

·       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.

New member pack

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!

Bridlington branch

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.”

Eddie's 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. 

Terry Dagnell

 

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.  

Matthew Kelly

 

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.

Hull Big Malarkey

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.

Lord Mayor's Certificate presentations

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!

John’s Blog – June & July

The month of June has perhaps been one of the busiest in our Credit Union’s history, so there’s lots to tell you about…

Now we are 18!

Your Credit Union was registered with the then Registrar of Friendly Societies on 10^th June 1999, so this month we attained our 18^th anniversary.  This significant milestone was marked by the cutting of a special birthday cake at our Central Office in Hull by our President, Alan Hignett and our guest from the Pen Fed Credit Union, Georgia, USA, Sherry Saxon.
 

HEYCU began life as the credit union for Hull City Council staff and their families and our first office was a back room down a corridor in the city’s magnificent Guildhall.  We were only open on Wednesday lunch times at first and run entirely by volunteers.  Despite this, with the enthusiastic support of the Council workforce, we grew rapidly, beating our three year plan targets in the first year! 

 

The first ever loans we granted were to help members to buy shares in the city’s own telecommunications business, KCom, which had just floated on the stock market!   Now, we make loans for less unusual purposes, such as holidays, Christmas, home improvements, cars and family celebrations, and more besides.

It’s remarkable to think that we have since expanded to become one of Britain’s top 15 credit unions, with over 40 payroll partners (including the DWP, one of the largest government departments) as well as serving over 10,000 members who live and work in the Humber Region. 

As someone who was there at the start, seeing our CU “come of age” is a great personal thrill.  I’d like to pay tribute to all who have shared the journey, including Eddie (our Finance Manager) and John Bailey (Director) whose involvement, like mine, has spanned the whole 18 year period.

If you want to learn more about our fascinating history, there’s a timeline on our website. 

Our new website

Have you seen our new website?  Early in June, with the help of Cornerstone Mutual Services, we switched over to our fresh look site. Our loan and savings products are displayed much more clearly and the improved loan calculator (with an easy to use slider bar) is proving a big hit with members eager to work out the repayments on a CU Loan.

It’s so easy to navigate – on your smartphone, tablet, laptop or desk computer – whether you are looking to join online, download forms or documents, or access one of our partner sites such as Co-op Energy or the Co-op Electrical Store. 

Why not take a browse today, and then give us some feedback?   We are always keen to hear what our members think.

Fairbanking Mark awarded

I am thrilled to announce that we’ve been awarded a 5-star Fairbanking Mark for our Credit Union Loan products.

The prestigious mark, awarded by the Fairbanking Foundation, recognises that our CU Loan has the required features to make a positive impact on consumers’ financial well-being.  If you have had a CU Loan, you’ll be familiar with these admired features, which include:

·         providing loan applicants with a budget planner to help them work our whether they can afford to repay a loan;

·         allowing borrowers to settle early without a fee or penalty charge; and

·         encouraging our members to save alongside their loan repayments, which supports a savings habit, and gives an incentive to continue savings when the loan is completed.

Very few banking organisations have achieved a Fairbanking Mark so far, and even fewer one with 5-stars.  Before a mark is awarded, the bank or credit union undergoes a rigorous independent survey when members or customers are asked for their views on the product and their experience of using it.   We’d like to thank all our members who took part in the survey and helped us to gain our award.

Antony Elliott, the CEO of the Fairbanking Foundation said “We’ve now worked with eleven credit unions to enable their personal loans to be granted the Fairbanking Mark.  The evidence shows that credit unions are playing an increasingly important role in people’s financial lives in the UK.”

  

Visit by Georgia League of Credit Unions

The UK credit union movement and the Credit Union League of Georgia, USA have formed a partnership to work together for mutual benefit over a ten year period.  Credit unions are huge in the USA and have been around for much longer than in the UK, so we have much to learn from their experiences.

So, it was truly a pleasure to welcome Mrs Sherry Saxon, the Regional Director of PenFed Credit Union in Augusta, and her husband Sidney, to Hull & East Yorkshire Credit Union from 12 to 16 June.  Sherry worked with me, and our directors, to look at how we can further develop our loans business, and revamp our head office to provide an even better experience for our members. She attended a Board meeting, to explain how her credit union had grown from a micro-business to the multi-million dollar organisation that it is today, and how we might follow in their path, while staying true to our co-operative not-for-profit ethos. And she visited all our branches and met the directors and staff socially, which was a most enjoyable experience. 

During their time in Hull, Sherry and Sidney visited Hull’s Guildhall and were treated to afternoon tea with the Lord Mayor and Lady Mayoress.  They were so impressed with this wonderful historic building.  We should also like to thank the Leader of the Council, Steven Brady, for spending time with them to talk about Hull’s development strategy.  It was a memorable visit and we hope to see them again at some point.

Howden contact point opens

Wednesday 21^st June was a special day for us as we opened a new Credit Union contact point to serve the town of Howden.  Thanks to the kind support of the Co-operative Group, we will have a table inside the large Co-op supermarket in Charles Briggs Avenue every Wednesday from 12 noon to 2 pm.

At the contact point residents can join our credit union, pay in savings deposits, apply for loans and ask about our services.  Howden is one of the rural communities that has sadly lost its main bank, so we are pleased to offer an alternative savings and loans facility without residents needing to travel to Goole.

Our opening day was also special because we introduced Penny Penguin, our new penny-wise mascot.  Penny was very popular with the youngsters as she toured the town, handing out balloons and posing for “selfies”. 

While Penny was busy at the Co-op I popped our leaflets through doors to announce our arrival in town, and enjoyed meeting the people of this lovely historic town.

CU staff take part in Hull 10k

Congratulations to my staff colleagues, Sandra, Sarah (and her husband Paul), Matthew, Steve and Kathryn on completing the Hull 10k Run recently.  Proudly displaying the HEYCU logo on their running tops, they did amazingly well especially on the hottest day of the year!

New Lottery sponsors

We are delighted to welcome the Hull Branch of UNISON, the public service union, as our main Members’ Lottery sponsors.  UNISON have provided funding for three extra lottery prizes each month, so we hope even more members will sign up for lottery tickets (£1 each, deducted monthly from your CU Savings).  There’s at least £550 in prizes to be won each month, plus a bumper triple draw at Christmas, so don’t miss out – apply today! 

Hull’s wonderful news

Our home city has been gaining lots of deserved applause for embracing its City of Culture status so well.   So it was wonderful to learn that £27.5 million funding – including a £15 million National Heritage Lottery grant – had been secured for a major tourism investment in Yorkshire’s Maritime City.

The seven-year project will see the Arctic Corsair – Hull’s last remaining trawler – move to a new berth in a dry dock on the River Hull, alongside a visitor centre; a facelift for the Maritime Museum in Queen Victoria Square, including public access to a rooftop dome; a new home for some of the city’s historic maritime treasures opposite; and a refit for the Spurn Lightship.

It’s great news that 74 jobs, 10 apprenticeships and hundreds of volunteer roles will be created, with the 300,000 extra visitors to the city in the first year boosting the city’s economy by over £1.4 million. 

Well done to all who helped to make this happen – it’s fantastic that the City Plan ambition of creating a world-class destination on our doorstep is being realised.

Summer Events in our Region

Well, it’s summer at last, so let’s take a trip around our Credit Union region and find some ideas for outdoor events that you might like to attend:

Sat 1st - Sun 2nd July	Winterton Agricultural Show
Sun 2nd  July	Howden Show
Tue 11th July 2 - 3.30pm	Oldfleet Primary School, Greatfield Celebration
Thu 13th July 2 - 3.30pm	Stockwell Primary School, Greatfield Celebration
Sat 15th July – 11 am - 3pm	Greatfield 60 Street Party: Meet at St Hilda's at 11am for the parade to St Stephen’s where the 'street party' will be held.
Sat 15th – Sun 16th July	Open Gardens at Winterton
Wed 19th July	Driffield Show
Sat 22nd July 1 – 4 pm	Viking Barton Family Fun Day
Sat 22nd – Sun 23rd July	Withernsea Carnival, Steam Rally and Parade
Tue 1st August	Yorkshire Day at Sewerby Park, Bridlington – a celebration of all things Yorkshire
Wed 2nd August 11 am to 3.30 pm	Ongo Carnival Scunthorpe
Fri 18th to Sun 20th August	Old Goole Gala

Summer Loans

Would some extra funds come in handy for holiday spending money, holiday clothes or equipment?   Don’t forget we have five-star CU Loans available at competitive rates to suit all pockets.  Check out our website today!