Page 12 - ECU_Annual_Report_2018

EASTERN CREDIT UNION Annual Report 2018

He also introduced Directors at the Head Table, acknowledged the Group CEO, the Deputy CEO and the
Executive Managers of Eastern Credit Union and also stated that Directors Cyril Barran and Marlon Mark
Phillips were absent due to their attendance at a Leadership Conference of the Co-operative Credit Union
League in Panama.

The Group CEO in an overview of organization’s operations indicated that Eastern Credit Union had been
negatively affected by the following:

• Change in policymaker’s view of credit unions, as a result of which, credit unions were now
obliged to conform to a host of new regulatory requirements.

• Declining energy revenues (from $28B in 2008 to $1B in 2017).

The spinoff effects of the above were as follows:

• Non-receipt of deductions from some Government agencies, on behalf of members
• Increased level of delinquency
• Share erosion
• Postponement of operating decisions by ECU because of uncertainty regarding cash flow.

Despite the above, the following initiatives were undertaken:

a) Rectified IT issues
b) Enhanced IT infrastructure by upgrading software to venture into chip technology
c) Upgraded computers
d) Implemented the receipt printing strategy at Branches allowing for electronic signatures
e) Instituted measures to address delinquency.

ECU has embraced change and, therefore, going forward, ECU will continue to:

• Develop business intelligence capabilities;

• Look at real-time information gathering and presentation of that data;

• Institute measures to improve data quality to allow for better decision making, more accurate
reporting, analysis and planning;

• Develop capabilities to allow ECU to offer any service to anybody whenever they wish.

10 NAVIGATING THE FUTURE TOGETHER