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- 31/03/2022 at 5:23 pm #13296AdminKeymaster
Q: What is being done about our delinquency rate and is there a timeline to have it reduced to a targeted figure e.g < 1Million TTD.
A: While 89% pf our delinquency is based on legacy loans, new loans offered since the introduction of our new policies have been performing at industry standards (below 6%).
Q: For members who have little to no shares and would like to take a loan and also have no other collateral is it possible for some of the money that is taken as a loan to be used as collateral on shares and the balance given in hand. This way it will help the client to build savings with the credit union.
A: VENTURE has two (2) loan products that will address this concern, our Start-it-Right product and our Thrift Loan.
Q: To reinstate recommender for new memberships
A: This suggestion will be forwarded to the Board in the new term.
Q: To get more young people involved in the credit union.
A: We have an established Children’s Foundation and we involve our youth in our annual technology program (JAVA) during the July/August vacation.We will continue to explore other options to excite the youth.
Q: Venture Credit Union should restart the assignment of customer representation for individual companies. This would ensure that there is easier access to services and an opportunity to increase membership.
A: Our recently completed Strategic Plan 2021-2024 has identified this as a strategic imperative. This will be implemented in the new term.
Q: Will Venture be looking to set up a fund/plan targeting kids of members.
A: At VENTURE your children can become members. Click here to see how to join.
Q: What is the recruitment process? I recommend a quarterly PA and bi-annual re-training of staff especially those who have to interact with the public / members
A: We thank you for your recommendations. VENTURE has a formal recruitment process that involves both our internal HR department for lower level staff recruitment and the services of Recruitment agencies for executive and managerial recruitment. We continue to work with our staff members,through mentoring and coaching. This is assisted via our Performance Management System that includes Key Performance Indicators, Semi-annual and end of year assessments and discussions on career goals, training and cross training.
Q: I would the processing of loans to be less lengthy. Can it be done in a weeks time? Thank you
A: Based on our Strategic Imperatives identified in our recently concluded Strategic Plan 2022-2024, direct focus is placed on our loan process. We are presently engaged in addressing this.
Q: What are some of the programs and or policies that are being put in place for persons affected during covid 19 with regard to interest rates?
A: VENTURE Credit Union continues to assist our members through loan re-schedules and waiver of loan payments. Our rates over the period are competitively priced to market.
Q: Would like to know when a linx machine would be installed at the branch.
A: For your convenience linx machines are installed at all the branches. We wish to advise as well that you can access online services to withdraw and pay sums to your account
Q: The need to have young adults who are professionals and business owners who can shape the organization for the new generation. By having a vision that aligns with organizational goals same time implementing technology. As a a business owner, engineer and part of the NIBTT I think that it’s crucial for implementing new technologies to have competitive advantage.
A: We thank you for your very useful suggestions. They are certainly in alignment with our strategic imperatives. The need to improve responsiveness to members’ needs through a needs analysis and specified demographics of the membership such as age, gender, income dependents etc. is just one of the many initiatives identified in our recently concluded Strategic Plan 2022-2024
Q: What is the rate of interest for a fully secured loan? On many occasions I can take a loan using my shares as collateral. However, I do not because of the rate 1% on reducing balance. Maybe, a reduction in interest rate could be an incentive.
A: We thank you for your suggestion. From time to time the society does have loan promotions that offer comparable interest rates. Come in or call to speak with one of our loan officers
Q: What loan incentives for young adults? What incentive or facility is there for small businesses or entrepreneurs?
A: The Credit Union continues to entertain loans for small business. Please call or come in and speak with one of our loan officers
Q: At last AGM the Board had decided to forgive a substantial amount of loans with the promise that they will still try to recoup some of those losses. My question is did the Board continue to go after some of these delinquents and if so how much money had been recouped in this regard.
A: The Credit Union continues to vigoirously pursue written off loans in order to recoup these losses.Out of the $138M that we have written off, we have recovered $3M thus far .
Q: How can the member’s be encouraged to borrow when the processes are tedious and hurts the customer experience as compared the other financial institutions; what is being done to improve that customer/ member experience?
A: The Board and Management is acutely aware of members concerns in this area. In this regard a number of improvement initiatives are being undertaken at this time, with priority focus on Cycle Time reduction and improvement to our overall customer interface experience.