Extract from committee stage (Lords) (day 3) of the Financial Services Bill - Mar 1
Tuesday, 2 March 2021 08:40
Lord Naseby (Con) [V]:...I will look at three aspects, starting
with the credit unions, which have just been mentioned. There is a
new opportunity here, which we should look at closely. I know that
they have been around since the 1820s, but they are very strong in
North America, particularly Canada and the USA, and they seem
recently to have had a new lease of life in both those markets. It
seems to me that consumer expectations are growing on an upward
trajectory with no limits in sight....Request free trial
(Con) [V]:...I will look at three aspects,
starting with the credit unions, which have just been mentioned.
There is a new opportunity here, which we should look at closely. I
know that they have been around since the 1820s, but they are very
strong in North America, particularly Canada and the USA, and they
seem recently to have had a new lease of life in both those
markets. It seems to me that consumer expectations are growing on
an upward trajectory with no limits in sight. Evidence from both
Canada and the USA confirms this. These elevated expectations are
creating inherent challenges for any financial institution to keep
pace with, due to the experiences being offered by large tech-based
organisations such as Amazon The difference, as we all know,
is that the credit unions and all the mutual movements have a close
association with their memberships. These memberships may be only
as many as 150,000 customers, as in the United States, with
possibly a similar number in Canada, but there has been a change in
the consumer...
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