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The credit union landscape is transforming rapidly across Ireland and Britain. Fresh legislation has created unprecedented opportunities for innovation – yet significant hurdles remain.

How can credit unions balance digital transformation with their co-operative ethos? What strategies will attract younger members while serving existing ones? These questions took centre stage at the recent Swoboda Research Conference in Dublin, where experts shared insights and solutions.

American credit union strategist George Hofheimer cut through the noise with straightforward advice: focus on "the boring stuff" – prioritising lending, optimising capital, aggressive expense management, and favourable pricing. This back-to-basics approach must underpin any future vision. Former EU Commissioner Mairead McGuinness cautioned against uncritical digitalisation, highlighting cybersecurity as a "hair's breadth away" from creating serious problems while emphasising that younger generations may not inherently understand the credit union difference.

The challenge of attracting younger members emerged as particularly urgent. Cédric Turini from the French co-operative banking network shared their multi-faceted approach: family-focused products, dedicated mobile apps, student loans without personal guarantees, and meeting youth on social platforms with accessible financial content.

As credit unions are considering how to engage with AI, Mark Kelly from AI Ireland shared his top tips for the sector.

Looking ahead, two major strategic initiatives promise to shape the sector's future. A government-led project in Ireland will examine development paths with input from trade associations, while Swoboda's "United Vision Project" aims to map British credit union evolution through 2035. With collaboration universally acknowledged as essential, the challenge now lies in implementation – through credit union service organisations, potential corporate credit unions, and joint initiatives that can deliver services beyond what individual institutions can provide.

As Dr. Paul Jones noted, credit unions aren't merely seeking research for academic purposes – they're looking for "a catalyst for transformation and change." He thinks the opportunity is immense, particularly given the millions who remain financially vulnerable.

Talking Credit Unions is a regular podcast dedicated to informing credit union practitioners, leaders, and opinion formers on a variety of industry topics. The podcast is sponsored by the Swoboda Research Centre.

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Artificial intelligence (AI) is rapidly transforming financial services, with 75% of firms in Great Britain and 54% in Ireland already adopting the technology. For credit unions, this presents both opportunities and challenges as they seek to harness AI while staying true to their co-operative values and member-centric mission.

In this podcast episode, Anca explores the role of AI in the credit union sector with four expert guests. David Fagleman, Co-founder and Director of Enryo Consulting, shares insights from his recent Swoboda Research Centre paper on AI. With a background in banking policy and innovation, David emphasises the need for inclusive and fair access to financial services as the sector evolves. He argues that credit unions can take the lead on this due to their member-centric approach.

Joining from Ireland, Micheál O'Shea and Ciara Prendeville of Metamo discuss their work supporting 16 of Ireland’s largest credit unions. Micheál explains how Metamo's "sprinkling of AI" approach augments rather than replaces human processes. Ciara, Metamo’s Deputy CEO, brings nearly two decades of leadership experience and focuses on strategic innovation and member value across product and service development. She explores some of the challenges faced when implementing AI solutions, offering advice on how to address these.

The episode also features Patrick Heaphy, CEO of Youghal Credit Union in Ireland, which serves over 17,000 members. Since taking on the CEO role in 2020, Patrick has overseen major growth and digital transformation, including launching mortgages and current accounts. With a background in accounting and risk management, he also serves on the board of the Swoboda Research Centre.

For further insights, listeners can read the Swoboda Research Centre's recent paper on AI. Swoboda members can also take part in an AI webinar in May.

Talking Credit Unions is a regular podcast dedicated to informing credit union practitioners, leaders, and opinion formers on a variety of industry topics. The podcast is sponsored by the Swoboda Research Centre.

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Collaboration and mergers within the credit union sector may become more prevalent in future as credit unions in Ireland and Great Britain are navigating the challenges of maintaining their local identity while achieving economies of scale. This podcast, with expert commentary from Nick Money of the Swoboda Research Centre and Paul Norgrove, CEO of Serve and Protect Credit Union and Ronaldo Hardy from the USA association NACUSO, tackles the strategic decisions credit unions are facing as growth and efficiencies become needed. The guests share their perspectives on the importance of understanding member needs, the emotional and operational hurdles of mergers, and how Credit Union Service Organisations (CUSOs) offer a promising path for growth. Explore how tailored services can create win-win scenarios and why maintaining a focus on members is crucial in an ever-changing financial landscape.

This episode also sheds light on the emotional challenges faced by credit union boards and the critical balance of power in working with CUSOs, ensuring that you come away with an better understanding of the world of credit union collaboration.

Talking Credit Unions is a regular podcast dedicated to informing credit union practitioners, leaders, and opinion formers on a variety of industry topics. The podcast is sponsored by the Swoboda Research Centre.