1. Forward Thinking Finance: Developing Innovative Services in a Credit Union
Introduce oursleves

2. “A Credit Union is not-for profit run to benefit members by members.
What is a Credit Union?
“A Credit Union is not-for profit run to benefit members by members.
Members can save and borrow money at low rates of interest charged in a transparent and understandable manner. “
We will start to today with a quick overview of what a Credit Union is, and the current landscape.

3. How do Credit Unions Differ from Banks?
Not for profit co-operatives
Ethically driven not profit driven
Controlled by members
Easy to join
Ethical way to bank
No hidden fees or charges
Finance for Everyone
We differ in many ways, but the main difference is we are run for members by members.
Interest Comparison
Average Rate
Amount
Wealth Retained
Pioneer Mutual
14.77%
£314,884.00 £-
Pay Day Lender
1118%
£23,834,642.00
£23,519,758

4. Credit Unions in UK
Regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FRA)
Savings protected up to £85,000 by Financial Services Compensation Scheme (FSCS)
End of September 2016: 329 Credit unions
Employing 1,500 staff
1,274,961 credit union members
which includes 134,206 junior savers
total loans £788m
As safe as banks, and highly regulated.

5. Credit Unions Across the World
Credit Union sectors in 109 countries
60,500 Credit Unions across the world
High Penetration Rates in developed Countries: % in Ireland
48% in USA
44% in Canada
27% in Australia
The CU movement in the UK is small comparison to the world, 1% penetrations in UK but considerably high in Scotland 8%
Dallas

6. Who we are? Established 1993 – Barrhead Credit Union
extended common bond to include all of East Renfrewshire
2004 Changed name to East Renfrewshire Credit Union

7. Rebrand Rebranded as Pioneer Mutual in October 2016
Extended common bond to all G, PA and ML postcodes
Now one of the largest common bonds in Scotland
1.8 million

8. Rebrand Rebranded as Pioneer Mutual in October 2016
Extended common bond to all G, PA and ML postcodes
Now one of the largest common bonds in Scotland
1.8 million

9. Website Launch
Granted £20000 funding in September and found this week we have been awarded further funding to continue our project.

10. Credit Union Expansion Project
Funded by Department of Work Pensions
Awarded Agency Banking Status, first Credit Union in Scotland to achieve this
First in Scotland to go live
Online banking platform
Instant Loans
App

11. Scottish Government Junior Savers Project
Granted £20000 funding in September and found this week we have been awarded further funding to continue our project.
Response to Scotland’s Credit Unions: Investing in our Future
Report highlighted the need to improve Financial Education for young people
Understanding of finances at a young age changes behaviours
Also plays an important role in the efforts to reduce inequalities
The successful projects had to have a clear focus on sustainability
As well as demonstrating a clear desire to develop strong partnerships with the schools
Oversee collection points
Deliver financial education workshops
Help the pupils run the credit union
Teaching about Cooperatives and not for profits
Given £1, and the kids to amazing things as this video demonstrates.
This video demonstrates the global impact of Micro Tyco.
We believe that the savings and ethical practices that Credit Unions promote works hand in hand with the entrepreneurial skills learn through the challenge.
The requirements of the funding we engaged with 3 schools, St Marks, St Lukes and Eaglesham. We are also supporting St Thomas’ in Neilston, and in discussions with Williamwood High, Barrhead High, St Ninian’s, and other primary across the local authority. Further funding? The secondary pupils will not only be involved in running the credit union for their school but also there partnered primary school, e.g. St Luke’s pupils will be involved in St Mark’s Primary Schools Credit Union. The pupils will buddy with the primary school children, and due to their involvement with it in primary school it is hoped this will continue into their secondary education. The Credit Union would look to replicate this model with the other schools involved. This has been discussed and agreed with the teachers at St Luke’s, and if successful with the funding bid we will have the same discussion with the relevant teachers within the other schools.
One of the key criteria was to ensure the project was sustainability. We have tried to ensure that the pupils stay engaged with the credit union, which will in turn hopefully embed the project within schools for the foreseeable future. In order to achieve this the pupils have been given full responsibility for marketing, which has included designing their own applications and also running the credit union.

12. Run for Pupils by Pupils
The secondary pupils will not only be involved in running the credit union for their school but also there partnered primary school, e.g. St Luke’s pupils will be involved in St Mark’s Primary Schools Credit Union. The pupils will buddy with the primary school children, and due to their involvement with it in primary school it is hoped this will continue into their secondary education. The Credit Union would look to replicate this model with the other schools involved. This has been discussed and agreed with the teachers at St Luke’s, and if successful with the funding bid we will have the same discussion with the relevant teachers within the other schools.

13. What is your perception of a credit union?
Changing Perception
What is your perception of a credit union?
What is your perception of a credit Union?

14. ? According to Experian between Jan-Sept 2016
Quiz – lets test you knowledge

15. Business Development Manager
Thank you for your time.
Beth Welsh
Business Development Manager
According to Experian between Jan-Sept 2016
Quiz – lets test you knowledge
@pioneercu.coop