2023 Annual Report - Flipbook - Page 7
7
Credit Union Annual Report 2023
Strategy & Results
Operating Context &
Strategic Priorities
Our members, employees, community, and industry continue
to face new uncertainties like in昀氀ation and high interest rates.
Many people need assistance and are asking, how do I pay for
my daily needs? How can I afford to save for the future? Will my
Credit Union be able to help me? Helping our members get
through challenging times is what we do.
As we planned for the 昀椀nancial 2022/2023 year, we adjusted
operations, implemented new policies to protect members and
employees, and prepared for a different operating
environment. We dealt with a higher-than-expected demand
for loans as members took advantage of our lower interest
rates and fees.
Conditions changed abruptly in March 2022, which impacted
the 昀椀nancial year commencing August 2022; rising interest
rates and in昀氀ation changed the outlook for our members as
members moved their mortgages from other 昀椀nancial
institutions. Members also saved less due to the rising cost of
living.
“
As we planned for the 昀椀nancial
2022/2023 year, we adjusted
operations, implemented new policies
to protect members and employees,
and prepared for a different operating
environment.
Our plans and actions will continue to be guided by a clear
strategy anchored in our values, purpose, vision, mission, and
the needs of members and employees. As we look ahead to
2023/2024, our objectives are:
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Enhancing member service delivery by addressing the
feedback in the 2023 Survey and continuing to improve
member 昀椀nancial education.
Emphasis on community involvement by developing a
strategy re昀氀ecting the Credit Union Difference.
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Maintaining 昀椀nancial health through monitoring and
management of key performance indicators.
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Focus on member and non-member deposit growth to
fund the demand for loans by ensuring members continue
to save when they borrow and/or save before they borrow.
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Continue to grow the loan portfolio to meet members'
needs for property and other needs at the lowest cost of
borrowing.
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Continue to strengthen risk management by fully
implementing the revised Rules, streamlining operations,
prioritising digital transformation, and providing an annual
report on the risk appetite statement.
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Engage and motivate employees by improving
communication, realigning the organisational structure,
and improving the performance appraisal system.