‘We’re all in this together!’
It’s a phrase that has gained a lot of traction in the last few months and one that resonates with Credit Unions all around the country as it has been at the heart of the business since our earliest beginnings in the 1950s. But much has changed since then and many challenges have been met, perhaps none greater than those facing us today.
Today, Credit Unions like yours are finding themselves having to reassess the sustainability of their business models. So the challenge they – and indeed all financial institutions – now face is how to grow their income base as demand for credit shrinks.
Payac is here to help.
As a member-owned Credit Union Service Organisation – or “CUSO” – Payac was established in 2016 and has since launched the first and only Current Account service for Credit Unions in Ireland. But this is only the beginning – by offering a full suite of payment services, Payac is proud to partner with Credit Unions and help them to successfully navigate these unprecedented times.
But how can a Current Account change things?
Put simply, providing a Current Account service to your members can help grow your business in a number of ways:
- Fees earned from the Current Account will enable your Credit Union to diversify its income base and offset rising costs;
- The Current Account service will generate an increase in member engagement, helping to drive new lending;
- Members will be able to access their money at any time and from anywhere in the world, reducing the number of counter transactions.