Over 2,500 credit union professionals from 57 countries attended the World Credit Union Conference in Boston, USA, where they explored how the sector could pioneer disruptive innovation.
The conference was hosted by the World Council of Credit Unions (Woccu) and US sector body America’s Credit Unions (ACU).
Woccu board vice-chair and secretary, Michael Lawrence (Australia), welcomed delegates to the Boston Convention and Exhibition Center by highlighting how credit unions “change lives”.
“Saving money and accessing credit are universal themes allowing people everywhere to graduate to the next chapter, to grow, to prosper, to make positive change,” he said.
The event is the first Woccu conference to be hosted by ACU, which was formed in January this year, following the merger of the Credit Union National Association (Cuna) and the National Association of Federally-Insured Credit Unions (Nafcu).
“Our partnership with World Council of Credit Unions is invaluable at what is an exciting time for America’s Credit Unions to co-host this incredible event, just six and a half months into our transformation,” said ACU chair Brian Schools. “Thank you for your support, thank you for being here and thank you for being part of the international credit union movement.”
The conference opened with a flag parade, and a welcome reception at the conference’s Solution Center, with more than 90 exhibitors on hand to showcase their products and services.
During the conference, Woccu president and CEO Elissa McCarter LaBorde revealed that the organisation had set a new goal to grow the reach of credit unions from 400 million to one billion people, with at least 50% of those members being women.
“We are putting out a bold statement for gender equity and equality for our movement of the future,” she said, “and we want you to walk with us as we strive to make this possible.”
Sector challenges
Turning to the challenges facing credit unions, McCarter LaBorde said it was vital to attract more young people. “We are experiencing a push for innovation at a pace and speed like we have never seen before,” she said. “Each of our 100 country contexts presents slightly different challenges. But on one thing we agree: the need to reach young people, to counter an ageing membership. And on this, we need to do better.”
Innovation was a key topic at the event, with keynote speaker Shawn Kanungo (main picture) focusing specifically on disruptive innovation such as AI. He explained how credit unions could use the technology to create interactive web apps which would enable customers to calculate loans.
Related: First keynote speakers announced for World Credit Union Conference
“My belief is that there are going to be two types of leaders in the future,” he said. “There are going to be leaders that leverage this technology, and leaders who are going to be irrelevant. That’s it. Those are the
two options.”
In another session, credit union advocacy professionals from around the world called on their colleagues to show even greater resolve during a time of political uncertainty.
“This is not a time to get tired of advocacy or even give up on it because politics is messy or frustrating. This is a time to lean into it,” said Jim Nussle, ACU president and CEO.
The topic was further explored during a breakout session featuring Woccu advocacy counsel Panya Monford and advocacy professionals from the US and Ireland.
Monford shared updates on the work of the Basel Committee on Banking Supervision. “A lot of credit unions just don’t have the resources right now to assess their corporate governance or risk management needs,” she said, “but that’s something that you all have to start paying attention to, especially with Basel making that a renewed mission.”
Regulatory changes are also under way in Europe, said Barry Harrington, head of advocacy and regulatory engagement for the Irish League of Credit Unions. He described how organisations in the EU are facing a “regulatory tsunami”, including new rules on instant payments.
“From January 2025, credit unions or payment service providers – of which credit unions are part – will have to be capable of receiving instant payments, and by October of next year, of being able to send instant payments,” he said. “We’re very much in favour of it but there is an investment cost to credit unions, and Ireland in general is a laggard in instant payments. What you could see is some credit unions decide to step out of the credit transfer space.”
Meanwhile, in the US, discussions continue about a proposed reduction to interchange fees by the Federal Reserve Bank, said Ann Petros, ACU’s head of regulatory advocacy, adding that the proposal is still “up in the air” as the November elections loom.
Leadership questions
Leadership was another focus area, with C-suite and business leadership expert Rene Carayol telling credit union leaders to embrace collaborative, inclusive leadership if they want their organisations to be successful in a technologically driven and hybrid world.
“Now, your people, your colleagues, your resources could be anywhere in the world – from any time zone, from any background, any faith, any education,” he warned. “All of a sudden, the leader has to change as well. The role of the leader is now to create an environment where everyone can flourish.”
He added that leaders need to be present at all levels of an organisation, not just at the top.
“Leaders are definitely not born. I believe leaders are found,” he said. “There are a ton of leaders in this auditorium. I want to find you today. Where you work – your colleagues, people in your team – there are leaders there that have not yet been discovered. Liberate them. Free them.”
The final day saw writer and management expert Erica Dhawan offer tips on ways to activate concrete empathy to create cultures of psychological safety, colleague engagement, wellbeing and innovation.
Woccu also held its annual general meeting, where members elected Michael Lawrence, CEO of Australia’s Customer Owned Banking Association (Coba), as its new chair. Lawrence, who has served on Woccu’s board since 2018, brings more than 30 years of experience in the financial services industry.
The 2025 World Credit Union Conference will take place on 14-16 July 2025 in Stockholm, Sweden
