QUEBEC CITY, Canada - Canada's credit unions have given the go-ahead to six key competitive areas to improve their market position. Meeting in Quebec City, more than 550 senior executives from credit unions throughout the country implemented a call for action in: * enhancing credit unions' capability in e-commerce, * designing new strategies in wealth management products and services, * improving credit unions' service to small and medium-sized business, * developing a national branding and awareness campaign, * increasing liquidity efficiency, * looking for efficiencies in handling payments and clearing. The national initiative is being led by Credit Union Central of Canada and involves credit union executives and members of volunteer Boards of Directors from credit unions. The Canadian credit union system is estimated to be growing at a rate of approximately 5% annually, said Bill Knight, president/CEO of Canadian Central. The National Initiative is aimed at capitalizing on the credit union system's advantages over other financials to improve on that growth. The review we have undertaken in the National Initiative has been thorough, said Knight, the action credit unions take needs to be decisive. "Our members across the country want us to do better. They want us to keep pace with new products and technology," he commented, noting that the credit union mandate will allow credit unions to meet members' demands. There are more than 740 credit unions in Canada which operate in more than 1,700 locations and branches and serve more than 4.3 million members. -
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