Credit unions warned to think outside the box
PANAMA CITY, Panama (CMC):
An international consultant has said that Caribbean credit unions will need to think outside of their comfort zone to remain competitive.
This advice comes as changing global environment characterised by an ongoing financial and economic crisis that has affected several financial institutions worldwide.
Michael Daigneault, principal and founder of the United States-based Quantum Governance, L3C, told 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 recognise 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 was addressing 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.
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