Credit Union Expansion Project
LASER Credit Union is one of 31 credit unions to join the first wave of a major project set to transform the credit union sector over the next two years.
The financial co-operative is one of 31 credit unions across Britain to sign up to the ambitious Credit Union Expansion Project which aims to attract up to a million more people into credit union membership. The project is being managed by the Association of British Credit Unions Ltd (ABCUL) and has attracted Government investment of up to £38 million.
Liz Thompson from LASER Credit Union said: “Joining the project will help us keep the focus on the specific needs of our members, but work together with other credit unions where we can benefit from pooling knowledge and resources. This will give our members the best of both worlds and we look forward to offering a wider range of services and to many more people accessing our services.”
Mark Lyonette, Chief Executive of ABCUL, said: “The Credit Union Expansion Project will help credit unions to offer a much wider range of great value products to many more members from a broad range of income groups.
“Consumers will be able to benefit from the latest online technology to sign up to credit union services such as current accounts, budgeting accounts and Cash ISAs. A centralised hub will automate the delivery of products so that members can also access credit union services through secure connections to other networks. This is a landmark project for credit unions and a once-in-a-lifetime opportunity which will help to place the credit union movement in Britain on a similar footing to leading credit union movements around the world.”
Liz Thompson added: “Because we will be able to pool resources and centralise core tasks, we will benefit from cost savings which we will be able to pass onto more members through lower loan rates and better returns on savings. We will be able to continue to focus on providing the great member service that we pride ourselves on.
The project will aim to build on the research conducted during the DWP led Credit Union Feasibility Study and work with employers and other community leaders to help more people access the services they need.