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Summary
In a recent dialogue about the challenges and developments in the credit union sector, Andrew Duncan, the CEO of SOAR, shared insights on how the landscape is adapting amid economic shifts and technological advancements. The discussion covered the impact of the cost of living crisis on borrowing purposes, the pivotal role of technology in streamlining processes, and the potential for future growth and adaptation within the sector. Duncan highlighted the unique position of credit unions in providing financial services that are both accessible and sensitive to community needs, underscoring the necessity for enhanced marketing efforts to boost public awareness and engagement.
Key Points
1. Duncan is the CEO of Saw, which collaborates with credit unions and CDFIs.
2. The cost of living crisis has shifted the purpose of borrowing towards meeting basic needs rather than discretionary spending.
3. Credit unions are experiencing an increase in loa...
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