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The credit union landscape is transforming rapidly across Ireland and Britain.  Fresh legislation has created unprecedented opportunities for innovation – yet significant hurdles remain.

How can credit unions balance digital transformation with their co-operative ethos? What strategies will attract younger members while serving existing ones? These questions took centre stage at the recent Swoboda Research Conference in Dublin, where experts shared insights and solutions.

American credit union strategist George Hofheimer cut through the noise with straightforward advice: focus on "the boring stuff" – prioritising lending, optimising capital, aggressive expense management, and favourable pricing. This back-to-basics approach must underpin any future vision. Former EU Commissioner Mairead McGuinness cautioned against uncritical digitalisation, highlighting cybersecurity as a "hair's breadth away" from creating serious problems while emphasising that younger generations may not inherently understand the credit union difference.

The challenge of attracting younger members emerged as particularly urgent. Cédric Turini from the French co-operative banking network shared their multi-faceted approach: family-focused products, dedicated mobile apps, student loans without personal guarantees, and meeting youth on social platforms with accessible financial content. 

As credit unions are considering how to engage with AI, Mark Kelly from AI Ireland shared his top tips for the sector.

Looking ahead, two major strategic initiatives promise to shape the sector's future. A government-led project in Ireland will examine development paths with input from trade associations, while Swoboda's "United Vision Project" aims to map British credit union evolution through 2035. With collaboration universally acknowledged as essential, the challenge now lies in implementation – through credit union service organisations, potential corporate credit unions, and joint initiatives that can deliver services beyond what individual institutions can provide.

As Dr. Paul Jones noted, credit unions aren't merely seeking research for academic purposes – they're looking for "a catalyst for transformation and change." He thinks the opportunity is immense, particularly given the millions who remain financially vulnerable. 

Talking Credit Unions is a regular podcast dedicated to informing credit union practitioners, leaders, and opinion formers on a variety of industry topics. The podcast is sponsored by the Swoboda Research Centre.