Kilkenny's St Canice's Credit Union evolving as members increasingly go digital

St Canice’s Credit Union has had to adapt and diversify in order to stay relevant and grow its appeal to a new generation, and meet ever-changing consumer demands.

How members conduct business has changed significantly in recent years. Prior to the pandemic, 67% of all member transactions were carried out electronically and 33% through the branch network. In the last year, this significantly increased to 83% digital and 17% in branches.

With the footfall in offices halving, the credit union has made changes to the opening hours in some locations, to match this change in member behaviour. CEO Carmel Butler said these changes were important to allow for the redirecting of resources to the digital services area to meet member needs.

“We have expanded our member services centre to ensure we have sufficient staff available to manage these electronic transactions,” she said.

Speaking from the floor at last week’s AGM, some members suggested that if trends continue, it would ultimately pose questions for the Credit Union as to whether it would be able to viably maintain as many branches and opening hours as is currently the case.

ONLINE LOANS
In February, the credit union introduced a new automated lending system to facilitate a prompt efficient application process with potential immediate automated decision making.

This new process allows members to apply for a loan and have approval and receipt of funds without ever needing to physically call into the offices. Member feedback had indicated a strong demand for this service, and the credit union board felt it was necessary in order to compete with other loan providers.

Members can of course still apply for loans in the traditional face to face manner or over the phone.
More than 3,700 members now hold current accounts with us and are able to use their current account to carry out all of their day-to-day financial transactions.

New members continue to join in droves, with nearly 2,500 members joining in 2023, a third of whom were under the age of 18. In addition, nearly 3,000 members signed up for online banking.