School of Business
Leicester Caribbean Credit Union
Established: 1974
Legal structure: Financial Co-operative under regulated by the Financial Conduct Authority and Prudential Regulation Authority.
Who we are
LCCU provide accessible and affordable financial solutions, including savings, tailored loans, and life cover, to the local community. We are committed to effective debt recovery processes, offering signposting and advice, and reaching out to our community both in person and online. We strive to educate individuals on digital literacy and financial literacy, ensuring a user-friendly service that empowers people to achieve financial stability.
The challenge
The financial environment is evolving, with increasing demands for digital services, affordable loan products, and streamlined operations. LCCU recognised the necessity to evolve in order to remain competitive and to continue meeting the needs of its members. A comprehensive strategic plan allows for expansion of product offerings, digital transformation and growth of membership. A strategic plan would also identify and secure new revenue streams, ensure financial sustainability, and plan for future expansion.
What was required
LCCU needed a strategic plan and support with fundraising for a new finance system to be able to adapt to the rapidly changing financial landscape.
Tools used:
- Business modelling
- Strategic planning
- Action planning
- Fundraising strategy for digital infrastructure
Supported the organisation from a starting point of having an out-of-date strategic plan, to having developed strategic and fundraising plans and to expand the product range, grow membership and digitally transform operations.
Growth acceleration through
Business modelling: Exploring ways to increase membership, product range and diversify income.
Strategic planning: Internal assessment of the organisation, and external assessment of factors impacting the organisation. Setting strategic priorities and financial forecasting.
Fundraising strategy: Identifying multiple and diverse income streams. Reviewing organisational operational costs and budget forecasting.
“We were in desperate need of reviewing our strategic plan and pulling together a sustainability plan that future proofed the organisation for the next 50 years. The strategic planning process brought out new ideas, and we were able to reflect on our priorities. Digital transformation of operations came out as our top priority, and we were supported to put a grant application to Fair Finance4All to improve our finance systems infrastructure. We are very hopeful this will be successful.”
Derek Rawles, Compliance Officer/Director Leicester Caribbean Credit Union
