By Frank J. Diekmann
If you weren’t able to be there, then let me tell you all about…
Ukrainian CUs showing their defiance even in presentations to CUs. Would-be conference attendees who were turned away. A meeting in a “greenhouse.” A CEO who is thankful he “massively failed.” That and more could be found during the recent World CU Conference in Glasgow.
While CUToday.info had unparalleled coverage from the event—links to all of our coverage appear below—there were also unique moments, observations, experiences and more that occur anytime credit unions from around the world come together in one place.
Here’s a look at some of that.
Defiant, Even in Conference Graphics
While there were representatives of more than 50 countries on hand, it was Ukraine that was the focus throughout the meeting, and for obvious good reason.
That included opening remarks from WOCCU’s now-former chairman, Rafal Matusiak, who hails from neighboring Poland and who has led efforts to help the millions of refugees who have fled across the border.
Matusiak’s observations included a reminder of just “how good and great peace is.” You can read more here.
Meanwhile, two people who have been doing work on credit union projects in a country that knows all too well what it's like not to live in peace, one of whom is a native of Ukraine, offered an update on the country’s CUs, some of which are behind the lines of territory Russia has seized.
Just how defiant are the Ukrainians and confident they will win the war? Referring to what are often referred to elsewhere in the media as “Russian-occupied territories,” the credit union reps’ slides called the areas “temporarily occupied territories." See below.
Yaldi, the Hosts Were Barry
The people of Glasgow and Scotland’s credit unions proved, as always, to be good hosts. And, of course, there was a welcoming ceremony that featured, well, you can probably guess.
Aye, I Know They’re Watching
You may be aware, especially if your credit union happens to have a presence in Europe, that online privacy rules are far stricter in the U.K. and on the continent than in the United States. Visit any website and you will be asked numerous times about cookies (why aren’t they “biscuits” in the UK?), whether you wish to surrender your data, etc. The option to cancel any data tracking is almost always presented. While the privacy is nice, it can also lead to some aggravations in browsing online, especially on mobile devices.
Parents Were Secret Members
Robert Kelly, CEO of the Association of British Credit Unions, Ltd. (ABCUL) and a native of Glasgow, said that when he joined the credit union community 20 years ago, “I have to confess I didn’t know what a credit union was. I actually went home and chastised my parents about that. My dad said, ‘I’ve been a member of one for years, I just never told you’.”
Putting the Cozy in Cozy View
As you can see at right, if you’re a bigger fan of views than you are of legroom, I’ve got a hotel recommendation in Scotland for you.
Turned Away from the U.K.
While WOCCU reported there were approximately 1,600 attendees at the meeting, about 200 people who had planned to be on-hand in Glasgow were not--most of the Kenyan delegation.
For reasons no one was quite sure of, the Kenyans’ visas were denied by the United Kingdom and they were turned away. And that’s too bad, because the Kenyan credit union community (known as SACCOs) is one of the most vibrant and innovative in the world.
Thankfully, Made It
Fortunately, Cynthia Wandia, co-founder and CEO of Kwara, a fintech with which 90 SACCOs have a relationship, did make it to Glasgow to share the extraordinary success of its mobile app.
If you’re an American who dismisses anything from countries such as Kenya as not having anything to offer, then make sure to hang onto your bias at your own peril.
Wandia was one of the smartest people I’ve heard speak to a credit union audience and the data she shared around the Kwara app was intriguing.
One piece of trivia she shared, by the way: the neobank solution is especially fitting in Kenya, where the median age is 20 and half the population is under 24.
You can read more about what she had to say here.
Putting the CU in ‘Dress for sUCcess’
While not as prevalent as it once was, you still meet some folks at the World CU Conference who don’t need to introduce themselves to let you know where they are from—they literally wear their countries on their sleeves.
In Glasgow, that included Bernard Boawei Bekuni from Ghana, whose wore a suit representing credit unions and his home country (below, left), as well as representatives from Guardians Credit Union in West Palm Beach.
Frankly, this is something I’d like to see more of, especially at CUNA’s GAC, where attendees should be required to wear suits/outfits representing their home states. And if you’re betting the over/under on this idea taking hold, I’d suggest the under.
And If You Need a Reminder…
Like parents who have trouble getting through to their kids, conference speakers who have warnings about threats that lie in the future often struggle to find ways to connect with their audiences over just how real what they are talking about actually is.
But Panya Monford, assistant general counsel for international advocacy for the World Council of Credit Unions, got a little help from the weather man/woman in admonishing that climate change is here and related regulations are on the way.
In what is normally cool and comfortable Glasgow, Monford was speaking on the same day much of the U.K. was suffering through a heat wave. Local newspapers were headlined “Hottest Day Ever” and “Burning Up.”
The cooling system in the room in which she spoke struggled to keep anyone comfortable, and many in the audience were fanning themselves, peeling off jackets, and just plain sweating.
In addition, the building in the Scottish Event Campus in which the breakout session room was located had a glass roof, leading to just about everyone remarking that they felt like they were inside a “greenhouse.” Which was ironic, given how scientists have been warning that climate change is being driven by greenhouse gasses.
To read more about what Monford had to say about the kinds of “sustainability” regulations credit unions will likely soon face, go here.
Below, the glass-roofed facility that is part of the SEC Centre in Glasgow where most of the World CU Conference sessions were held.
Putting the Go in Glasgow
Credit unions in the United Kingdom are viewed differently than they are in the United States. For lack of a better description, they are often viewed as destinations for the poor and underbanked, rather than as full-fledged financial operations. They also in many ways operate under regulatory limits that put caps on growth, assets, expansion and product offerings, limitations that would make any CEO of a U.S. credit union chafe, to put it kindly.
Speaking on behalf of the Association of British Credit Unions, Ltd. (ABCUL), Paul Norgrove, CEO of Serve and Protect Credit Union, which serves the police, prison, military, fire and health service personnel and their families in the United Kingdom, said there are 160 credit unions in England, Scotland and Wales.
Norgrove, who attended his first World CU Conference meeting in 2014 after winning a WYCUP scholarship, also shared this piece of trivia: “One in four people in Glasgow is a credit union member, which is rare in the U.K.”
Luck of the Irish? No, Just a New Focus
If your credit union is struggling like the AC in Glasgow, or just treading water when it comes to growth, David McAuley may offer you some direction.
McAuley is CEO of Donore Credit Union (Slogan, “Do More with Donore”) in Ireland and he offered a very interesting story about how his credit union turned itself around with a new strategy of focusing on sustainable finance and an emphasis on “local.”
Just how much of a turnaround has McAuley and his credit union engineered? McCauley was originally brought in by Ireland’s regulator to close down the credit union. “Thankfully, I massively failed at that,” he joked.
You can read more about what his credit union did and is doing here.
Resurrecting the Ratio
Speaking of Ireland, you may know the country’s credit unions have struggled with lending (for numerous reasons) and have an average loan-to-share ratio that would earn a CAMEL 6 from regulators in the United States: 26%.
But that may be changing. I had an interesting discussion with the CEO of one Irish credit union who said changes in both regulations and the markets should help put CUs on the Emerald Isle in greener clover.
That’s because credit unions have gotten the OK to expand into mortgages, which should sop up much of the excess savings (some credit unions in recent years have actually put a cap on the amount of money members can deposit), while two banks are exiting the country, which should allow credit unions to grab more of what are known as Current Accounts, otherwise known as checking in the United States.
The Lane Less Traveled
Below, visitors to Scotland who come from countries where people drive on the right-hand side of the road are offered a helpful reminder to look left for oncoming traffic.
You Understand You’re a Volunteer, Right?
While working from different time zones and the long hours can be grinding, I’m also the first to admit how fortunate I’ve been to attend credit union events from Sydney to Prague and all over the United States and Canada. That very much includes the Dear Green Place, as Glasgow is nicknamed, due to its parks.
But apparently, the nice locales and opportunity to see the world on the CU’s credit card doesn’t appeal to everyone.
In Glasgow, I overhead this actual conversation.
Man: And what do you do with the credit union?
Woman: I’m a board member.
Man: Oh, how nice. How is that?
Woman: It’s actually a lot more work than I thought it was going to be. Much more work.
Man: Well, at least you get nice perks like trips such as these.
Woman: Not really. I’m a lawyer and I already get to travel in my job.
She must make for some pleasant and enjoyable board meetings—board service for which I assume she was dragooned against her will and isn’t actually volunteering.
A Kernel of Innovation
Poland’s credit unions said they have rolled out a sustainable card made of corn. I don’t speak Polish, so no word on what happens when you walk past a microwave with the card in your pocket.
Cultural Differences
It was noted by one person during the conference that in the U.K. mortgage debt is acceptable, credit card debt is semi-acceptable, but most other types of debt are not viewed so positively.
How Exposed Are You?
Your credit union/CUSO is on constant guard against cyber-hacks, but what about you? Have your personal information and security codes been compromised?
According to Keren Elazari, an expert on cybersecurity and the first Israeli woman to speak to a TED event, there is a way to check.
During her remarks, Elazari recommended credit union leaders visit www.HaveIbeenpwned.com, a site created by a white hat hacker that lists whether an individual’s log-in credentials have been leaked and are available to the hackers weating hats of a different shade.
Go (First) West, Young Man & Woman
Each week CUToday.info seems to publish a retirement announcement (or three) from CEOs and senior execs saying they plan to “garden” or “play more golf” “or spend time with family” as the exit the job. And yet for all that gardening and golfing and family time, none of the new retirees ever seem to let those activities keep them from continuing to attend credit union events, but that’s another story.
We’ve also done plenty of reporting around the lack or succession planning or development of young leaders in credit unions.
So, if you’re looking for an excellent example of a credit union that excels at leadership development, look to First West Credit Union in Canada.
Two of its young leaders shared with the World CU Conference FWCU’s approach, and it is worthy of emulation. You can read more about it here, including their thoughts on three things younger leaders are seeking in an employer.
One of the interesting stories they shared was how during the pandemic many of credit union’s newest and youngest workers felt cut off from the organization, including informal mentoring opportunities. So, First West’s young leaders took on the problem themselves and created a program using Microsoft Teams that randomly matched them up with people from across the organization.
With some, 1,300 employees, it has meant new experiences and viewpoints for many, including meeting others they would never have otherwise.
Cutting the Crap & Getting Better Meetings
Belinda Parmer, CEO of the Empathy Business (although I understand your position, I’m not going to tell you what business they are in), told the WCUC that the CEO of the BBC carries with him “Cut the Crap” cards he distributes when he is trying to get a straight answer instead of being told what underlings think he wants to hear.
Separately, Parmer observed that approximately 70% of the time organizations spend in meetings is not about moving the business forward.
“Changing meeting culture is the best way to improve your company culture,” she told the meeting.
Parmer also looked to dispel five “myths” around empathy and why it matters to organizations. If you want to know what those five are, go here.
Update from Global Women’s Leadership Network
The Global Women’s Leadership Network (GWLN) held a half-day event prior to the WOCCU meeting. You can read more about how the pandemic has set women back a “generation” and how one woman issued a “personal call to courage” to other women here and here, respectively, in addition to an update on GWLN’s Sister Societies here.
See You in BC
The World Credit Union Conference is schedule to be held next in Vancouver, B.C., July 23-26, 2023.
A World’s Worth of Coverage
Finally, no other publication had the extensive coverage out of the World CU Conference as did CUToday.info. If you missed CUToday.info’s reporting out of the meeting, there is a planet’s worth of resources and information from which to learn. Here are some of the links.
At Meeting With 50 Countries Present, One Country on Everyone’s Minds
World CU Conference Coverage: What Global Women’s Leadership Network is Doing Now
World CU Conference Coverage: Views on How Small CUs Can Leverage Technology
World CU Conference Coverage: Busting the Myths Around Empathy
World CU Conference Coverage: How 1 Struggling CU Turned Itself Around
World CU Conference Coverage: Lending App Embraced by Brazil’s Rural Farmers
World CU Conference Coverage: Individuals, Organizations Win Awards; Dykstra Elected Chairman
World CU Conference Coverage: Small CU Closes All Branches—And Members Love It
World CU Conference Coverage: Why 1 Fintech That’s Partnered With CUs Has Seen Phenomenal Growth
World CU Conference Coverage: How to ‘Future-Proof’ Your CU
World CU Conference Coverage: First-Hand Accounts of What’s Happening With Ukraine’s CUs
World CU Conference Coverage: CUs One Area Where the U.K. Remains a ‘Developing Nation’
World CU Conference Coverage: New WOCCU CEO Sees 3 Strengths, Has 2 ‘Asks’
World CU Conference/GWLN Coverage: Pandemic Set Women Back by a ‘Generation’
WOCCU/GWLN Coverage: Former CU Exec Draws Upon Her Career to Issue a ‘Personal Call to Courage’
World CU Conference Coverage: Hood Sees Critical Role for CUs Around the Globe
Frank J. Diekmann is Cooperator in Chief of CUToday.info and can be reached at Frank@CUToday.info. Mr. Diekmann is also author of several new book, including the brand new “The Last Lyric,” a humorous satire about a murder investigation at the Rock & Roll Hall of Fame in which every line of dialogue is either a classic pop/rock song title or lyric. Available on Amazon, Apple iBook, Barnes & Noble and Smashwords. Mr. Diekmann is also author of a non-fiction compilation of the very best & worst he has seen and heard in covering more than 500 CU meetings and conferences, “501 Name Tags: How Everything You Need to Know About Business Can Be Learned at a Conference & Forgotten in the Trade Show.” It is available on Amazon, Barnes & Noble, Apple, Lulu, and Smashwords