DENVER—A dozen executives from Latin American financial cooperatives are meeting with colleagues from Denver-area credit unions last week to explore ways to improve member access to—and experience with—digital financial services, according to the World Council of Credit Unions.
WOCCU said its Pasantia Técnica (Technical Internship) was a three-day immersion program for executives from Peru’s Cooperativa de Ahorro y Credito Santo Cristo de Bagazan and the Federation of Savings and Loan Cooperative Associations (FEDECACES)—the national trade association for credit unions in El Salvador.
Those involved collaborated with representatives of the Mountain West Credit Union Association and three of its member-institutions–On Tap Credit Union, Columbine FCU, and Denver Community Credit Union–as well as CU Ledger to explore examples of cooperatives that have achieved success through an effective blend of technical innovations and personalized service, WOCCU reported.
Presentations & Discussion
The event included presentations and discussions on:
- Investigating collaborative initiatives to improve sustainability
- Exploring tools used to increase operational efficiencies and expand digital access to financial services
- Examining how greater collaboration can reduce the cost of implementing new technology
- Looking at how financial education and technology combine to improve the financial well-being of members
- Learning strategies to help position their financial cooperatives as leaders in the digital era
‘A Lot to Share’
“American credit unions have a lot to share about their experiences with digital financial services, but they also have a lot they can learn from financial cooperatives in Latin America—which have achieved great success in strengthening outreach with their members and communities,” explains Thomas Belekevich, World Council program manager for member services. “In order to grow membership, credit unions in places like Peru and El Salvador are expanding digital services to reach new members in areas where physical branch locations don’t exist. The challenge now is in expanding collaborative models for helping reduce the cost of this digitization process.”
MWCUA also gave a presentation to their guests on topics ranging from regulatory compliance to government affairs and public relations, WOCCU said.