As we continue to navigate our way through these challenging times, we have kept our focus on one thing, service for our members. Our members are the heartbeat and owners of 1st Class Credit Union 1st (CCU) and now, more than ever, we are focused on meeting their expectations of a 1st class service.
Everyone needs some help, assistance and understanding in normal circumstances but during this pandemic the need for it has hugely increased, working together with the CWU, 1st CCU will have your back when it comes to financial needs.
Earlier this year, we committed to implementing digital transformation to cope with demand, member digital expectations and to provide a better all-round service. Through a members’ survey, our website, members area and loan process, where the areas our members told us they would like to see improvement.
Our members spoke and we listened. On July 28th we launched our brand-new website with an accompanying members area and loan process. Since our launch, the number of members using our digital services has more than doubled, from just 35 per cent to an amazing 78 per cent.
In a recent membership survey to assess the impact of our new loan process, 77 per cent of respondents said they found our new loan application very easy to use and 90 per cent said our new loan application was easier to complete than our previous application. Providing an easy to use, friendly and member focused digital service has empowered our members to get most out of their membership with 1st CCU more than ever.
To ensure that not only our digital service met our members’ needs, we also produced a COVID-19 Financial Impact Survey to assess the changing needs of our members and their families during these uncertain times. Our survey covered areas such as changes to members’ or their families’ financial situation – whether they needed any holiday payments from financial providers, or if their financial habits had changed or been forced to change.
Our survey also asked the question: “If you or your family found yourselves in financial difficulty, would you know who to discuss this within your workplace? Is it there in the workplace?”
The information provided by the members in both these surveys will be used to scope the decisions we take over the near future to help provide an accurate and effective service and make us relevant to our members’ financial needs.
The Revolving Credit product is helping members more than ever through the pandemic. In October, our Revolving Credit loan accounted for 35 per cent of all loans paid out. This is one of the highest percentages we have seen for this product.
Our members are looking to budget for the next three to six months in these difficult and uncertain times – and the Revolving Credit loan allows them to do this.
When a member is approved for £1,000, for example, to cover them on expenditure they anticipate over the coming months, they only need to withdraw the amount they need at that time, leaving the remaining balance of the £1,000 loan for another time.
And they will only be charged interest on the amount they use.
Go to 1st Class Credit Union website today for more information about their savings and loan products, their work and to see what they can do for you and your family 1stclasscu.co.uk