We can do loans for buying a vehicle, but we can't do secured [auto loans]. So that's an obstacle, because when you're doing an unsecured loan for a vehicle, the interest rate is too high. So you're not competitive, whereas if it's secured we could provide lower interest rates. There needs to be some legislation change for that, so we'll talk to regulators to see what we can do.
November 17, 2016 12:52 PM
Although big banks like Barclay's and Lloyds still dominate the UK banking space, credit unions scattered across England and Scotland are working hard to boost their profile and increase membership. As part of those efforts, a small delegation of credit union professionals traveled to Dallas recently for the jointly held National Federation of Community Development CUs annual conference and the CUNA Community Credit Union Conference. CU Journal asked members of that delegation to share their perspective on the biggest challenges currently facing the movement in the UK today. Not surprisingly, many of their top challenges will sound very familiar to U.S. credit unions.
Jackie Simpson, general manager at Somerset Savings & Loan in Bristol, England
Lending to millennials is one of the biggest challenges we face. We're looking at a lot more digital strategy and doing a lot more online, but it's about being responsive and knowing your customers, and checking in with them and providing products and services they will want to use at different stages in their life.