St Dominic Credit Union introduced the Member Personal Current Account (MPCAS) solution in the Summer of 2019. This was part of a strategic vision to help the Credit Union remain viable and relevant in the market and improve their business model. The availability of a fully functioning current account and Debit card was key to this vision.
St Dominic’s CEO Patrick Lawlor says “We see the member personal current account and debit card as a gateway product. The more opportunity we have to engage with members, the more opportunity we have to lend to them. We found that we were losing people once they left school and the level of engagement dropped off quickly. We wanted to have something to offer that demographic in particular and current accounts provided the solution”
Almost 12 months on, 65% of members who have opened the current account are under the age of 40 – a key demographic for St Dominic.
In addition, they have seen a 117% increase in new current accounts being opened in March 2020 compared to February 2020. A figure which continues to rise during the Covid-19 pandemic.
For St Dominic’s members the biggest advantage of having a current account from their Credit Union is that it offers them more choice.
With the current account they can offer members low and transparent fees, and they get the same personal service they expect from their Credit Union. Opening an account couldn’t be easier. Members can choose to come in-branch, or through their online banking (cuOnline+).
With the MPCAS St Dominic's can offer their members more choice for their day-to-day financial needs. It comes with a globally accepted Mastercard that allows members to make purchases online and instore using their Credit Union account. They can also use their card at ATMS at home, or abroad.
Another positive about the MPCAS product is that it really lends itself to collaboration. The standardization of the current account fees means that St Dominic Credit Union could work with another local Credit Union, Waterford Credit Union, to promote the product and share costs.
Together they collaborated on a member video (here) which explains the MPCAS offering and it’s many benefits, and how a member can apply for one.
Whilst St Dominic Credit Union promoted their Member Personal Current Accounts through video, radio, editorial, Google and Facebook ads, CEO Patrick Lawlor feels that word of mouth and staff engagement with members was the biggest contributor to their success. He states, “It’s great to have something new to offer members. To have a new product like this is fantastic and it creates a good energy which makes it easier to get staff onboard. Their engagement with members in selling the product was key to its success.”.
So what are the results?
“The current account product has been easy to implement from the outset. The back-end of the product is very intuitive, has a good workflow and is automated as much as it can be. It also has good controls in place which offer great oversight on member transactions”, Patrick Lawlor, CEO, St Dominic’s Credit Union.
A milestone for the movement
Patrick Lawlor, CEO, St Dominic’s Credit Union.
Established in 1967, St. Dominic Credit Union is a modern, thriving Credit Union who place people before profit whilst striving to maintain the highest professional standards. They offer full electronic banking services and aim to continue to drive innovation in the credit union sector to the benefit of their 20,000+ members.
St Dominic's vision is that they “will strive to provide for the financial needs of its members in a co-operative and professional manner”
To find out more about St Dominic Credit Union and their current account offering visit https://www.stdominicscu.ie/current-account/