DUBLIN, Ireland–A research project is under way to develop a new vision for British credit unions, as movement growth flattens out and “sector leaders look for ways to adapt to a fast-changing world,” according to a new report.
The project is being led by Swoboda Research Centre—named for former CUNA President Ralph Swoboda, who did extensive work in Ireland–and New Economics Foundation (NEF), which kicked off the process at a meeting in June, Cooperative News reported.
The goal is “a collaborative endeavor to build a shared vision for the sector for 2035, and a roadmap for how to achieve it,” the report added.
The Swoboda Research Centre’s Nick Money told Co-op News, “The credit union movement has developed amazingly over last 10 years but growth is starting to plateau, if you take out the expansion of the big players.”
Uncertainty on Horizon
But he added that there is “uncertainty on the horizon over AI and digitization of everyday life. Talking to our credit union customers, it was felt this was a moment to decide how they could be sustainable but work for society,” Co-op news said.
According to the report, Swoboda and NEF are being supported in the work by sector bodies like the Association of British Credit Unions (Abcul) and the Co-op Party, and is engaging with suppliers, financial inclusion organizations and policymakers such as the Treasury and regulators.
Meeting Held in London
Co-op News said representatives from all the stakeholders gathered for a meeting at the Friends House in London, where Ed Mayo, CEO of Pilotlight and former secretary general of Co-operatives UK, told the event: “The idea that a credit union is the best kept secret has gone on too long … They are part of a wider scene shaping financial inclusion more widely.”
