While credit union membership in London has grown more than 90% since 2005, there are concerns that reaching more low- and moderate-income residents who really need affordable financial services has been inadequate.
Paul Jones, a professor at Liverpool John Moores University's Research Unit for Financial Inclusion, offered that insight in a new study he recently provided to Credit Union Times. Jones, along with Anna Ellison, research director at Policis, a London-based social and economic research firm, penned the report, "Community Finance for London-Scaling up the Credit Union and Social Finance Sector."
"Collaboration enables credit unions to gain economies of scale, to improve the efficiency and effectiveness of operations and service delivery, to enhance brand recognition and strategic marketing and, importantly, to enable smaller credit unions to offer the same level of service as larger institutions," Jones wrote. "It presents a radically new approach to the business and calls for a cultural shift in the way boards and managers think about operations."
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