www.glasgowchamberofcommerce.com 27 THE GLASGOW BUSINESS AWARDS 2017 WINNER SPOTLIGHT Glasgow Credit Union
Winner of The Glasgow Business Award for Excellence in Communications, sponsored by Connect
CUSTOMER ENGAGEMENT IS KEY TO LENDER’S SUCCESS
G
lasgow Credit Union, with assets of £155 million and the largest credit union in the UK, has been steadily growing
its customer base since winning The Glasgow Business Award for Excellence in Communications in 2017. “It’s been a busy but very rewarding
few months since winning the award said Euan Johnston, the Credit Union’s Marketing Manager. “We’ve had a few record months in terms of lending and mortgage applications, new members joining, traffic to our website, and new social media followers. Our engagement levels continue to increase as we look at more innovative ways to communicate with our members and wider audience.”
Credit union chairman Archie Kennedy has described the union as a ‘hidden gem’ but more people are certainly learning about the benefits. “External research has confirmed an increase in brand awareness and knowledge about the benefits of joining Glasgow Credit Union. We’ve also seen a significant rise in new members joining, as we’ve grown our membership by almost 10% since winning the award. I think the message that we’re an ethical alternative to a bank is really starting to resonate in Glasgow.”
What would you say are the strengths and merits of Glasgow Credit Union? “Our size means that we are able to offer a larger selection of financial products than most credit unions. Investment in new technology means we can also offer a high level of service expected from any larger high street bank. As a financial co-operative, our members share in our success and we were able to offer a market-leading dividend on savings accounts in December,” he explained.
Member numbers have risen from 42,000 in October to almost 46,000 members now. “We had a record January with 1,272 new members joining across Greater
Fred MacAulay with Euan Johnston, Marketing Manager, Glasgow Credit Union, winner of The Glasgow Business Award for Excellence in Communications, presented by Alan Ramsay, Managing Director, Connect
Glasgow. It was also a record month for mortgage inquiries, having launched a new 100 per cent mortgage product,” explained Mr Johnston. “We’ve also had some excellent feedback from members in a recent satisfaction survey. For example, when asked which three words best describe the credit union, the top three responses were, ‘reliable’, ‘trustworthy’, and ‘friendly’ – not many financial institutions could claim that.”
As credit unions have grown they are required to bring in extra professional expertise. “We have a highly professional Board with specialist expertise but we are always looking to strengthen our Board to meet ongoing challenges, especially with increasing regulatory requirements from the PRA and FCA. New Board member Director David Ross has worked in corporate IT and financial services for almost 30 years. Kenny Gough has been involved with Glasgow Credit Union since its inception in 1989 and recently became a Board member. He has also worked in the IT industry for over 30 years,” explained Mr Kennedy.
In addition, 98 per cent of members said they would recommend the union to family, friends or colleagues and a further 96 per cent of members stated they would rather save or borrow with Glasgow Credit Union than another high street bank or building society. “Our commitment to serve the people of Glasgow and beyond has always been at the core of our business and evidence suggests that we are doing a very good job. Communication is key in providing information and success in this area was recognised by a Glasgow Business Award. We’re extremely pleased with this feedback and determined to maintain and promote our excellent service levels,” said Mr Kennedy.
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