Credit unions urged to think outside the box

PANAMA CITY, Panama, Jun 24  – Caribbean credit unions will have to think outside their comfort zone in order to remain competitive in a changing global environment characterized by an ongoing financial and economic crisis that has affected several financial institutions worldwide, an international consultant has said here.
Michael Daigneault, principal and founder of the United States-based Quantum Governance, L3C, told the Caribbean Media Corporation (CMC) that one of the economic impacts that has happened worldwide, particularly in Bermuda, is that “they are now in an economic recession that has really challenged them and indeed challenged all of the financial institutions that are in Bermuda.
“One of the things that has to happen is that credit union boards and senior management teams have to recognize the changes in the economic environment and make strategic changes to the credit union in order to help their members as much as possible deal with that economic recession”.
Daigneault, who addressed more than 500 credit union officials from several Caribbean countries Monday at the continuation of the 56th annual international convention and the 42nd annual general meeting of the Caribbean Confederation of Credit Unions (CCCU), said too often institutions including the credit unions, think about themselves and their survival in order to deal with the global economic and financial crisis. (CMC)