STOCKHOLM, Sweden–The World Council of Credit Unions’ interim CEO said the organization is changing in response to all that is taking place in the world, and that it has heard from its membership “loud and clear” on what it wants.
But he also stressed that some things will never change, and credit unions should remind themselves of why it is they exist.
As the World Credit Union Conference marks its 20th anniversary, Interim CEO Paul Treinen said the world, and the World Council, have seen “tremendous change” over those two decades, and “we’ve proven time and time again to be very nimble, not only reacting to change but proactively embracing it.”
WOCCU has faced changes ranging from the global pandemic to the cut in funding from USAID that this year has led to the cancellation of three of its projects and the letting go of half its staff, he said, noting similar challenges have faced credit unions themselves.
“We not only managed through it, we thrived and, in fact, we continue to grow our membership around the world,” said Treinen. “We’re no longer paralyzed by the effects of COVID-19 but we are living through times marked by volatile global markets, growing political polarization, and deep social divide.”
Other challenges, Treinen said, include the ever-present role that technology continues to play in the financial services industry, including competition from larger providers, cyber threats and online banking.
‘No Doubt’
“There’s no doubt we will need more digital solutions to remain relevant,” Treinen told the meeting. “In fact, many of you have told us just that. In our Challenge 2025 initiative survey you identified core system digitalization, mobile and online banking, and enhanced security protection as your top digital transformation priorities. We received similar feedback from you when we collected data for the World Council’s annual statistical report. The top three risks and immediate concerns for the national associations were technology, regulation and governance.”
Another finding from the research, according to Treinen, was the irony that while some see AI as a growing threat, others see it as an opportunity to provide more personalized financial services, improved risk assessments and expanded membership bases.
Other Top Concerns
Depending on where they are located in the world, other CUs said their top concerns include climate-related issues and the “increasing toll” the weather it taking on communities. Other CUs are working through the operational impacts of diversity, equity and inclusion, he added. And in yet other jurisdictions new regulations and financial reporting are the issues.
“While all this change presents challenges, it also offers great opportunities. The cooperative financial model continues to stand out as a beacon of stability, trust and hope,” said Treinen. “The movement was born from communities coming together to solve problems that no one could face alone. That same spirit of solidarity mutual aid is exactly what the world needs today and it is why the World Council remains committed to providing you with a global platform where we can convene, collaborate and cooperate, not just across countries and regions, but more importantly, across ideas, experiences and even generations.”
Heard Loud & Clear
Treinen said WOCCU has heard “loud and clear” the message from its members on how it needs to adapt and change. Repeating the organization’s new focus as outlined one day prior by WOCCU’s chairman, Michael Lawrence:
- A more proactive approach to International Advocacy.
- Improved services for WOCCU members.
- Strengthening the organization’s role as a global leader in cooperative finance.
A ‘Unique Moment’
This is a “unique moment on the global stage. The international Year of Cooperatives reminds us that this is our time, not just to celebrate what we’ve built but to envision and build what comes next,” Treinen said. “The world needs more of what we do and more of how we do it.”
