The 20th annual World Credit Union Conference, held in Stockholm last week, set a new European attendance record for the event, with more than 2,000 people – topping the previous high of 1,813 set in Belfast, Northern Ireland in 2016.
And despite a world marked by polarisation, volatile markets and economic uncertainty, Paul Treinen, interim president and CEO of the World Council of Credit Unions (Woccu) struck a hopeful note addressing the delegates.
“We are no strangers to change,” he said, “and we have proven time and again to be nimble – not only in reacting to change but in proactively embracing and leading on it.”
Treinen outlined how credit unions have already responded to changes brought on by the pandemic, disruptive technology and climate change, and urged the sector to lean into more adaptation to grow the movement.
Treinen also gave a more detailed description of Woccu’s new strategic priorities, which places a greater emphasis on proactive advocacy, improved member services and a stronger connection to the greater global cooperative movement.
“We want all of you to know, we hear you. We are getting the message loud and clear. We know what’s important to you. That’s why as the leader of this movement; World Council must not just adapt – we must assert our value louder and more effectively than ever,” he said.
High on the list of challenges facing the sector is cybersecurity. Confidence Staveley, an cyber expert, told attendees that creating a digital environment that people can truly rely on is key for credit unions.
In her keynote, she warned that online criminals are targeting those online tools that people trust most – and credit unions may not know what makes them vulnerable.
“Once they’re able to get to our soft spots – soft spots like some of our services we are offshoring to other countries, like service desks – they’re able to use those other services and other arenas to hit us,” said Staveley. “Everyone who has access to the tools you use, everyone you give access to the MPIs your engine offers, everyone you’ve given access to a session for one thing or another, they are all pathways to your digital trust verification.”
Related: Woccu sets out new strategy for credit union sector at global conference
Staveley says it is important for credit unions to ask specific questions of themselves and third parties when it comes to protecting their members.
“We must ensure and demand that the vendors supports phishing-resistant identity verification for their own staff,” said Staveley. “You must ensure (and demand) your own system is also properly designed and secured.”
Financial inclusion is another priority for the sector, and Woccu’s vice president of international advocacy Paul Andrews conducted a video interview with Tom Neylan, head of policy for the Financial Action Task Force (FATF) – the main international body that sets the standards on anti-money laundering and counter-terrorism financing (AML/CFT).
They discussed FATF’s recent guidance that includes language which encourages national governments and regulators to take the appropriate steps to identify where regulations can be proportionally tailored for lower-risk institutions such as credit unions.
This lighter touch, campaigned for by Woccu, “can make it easier to do business,” said Neylan, “and particularly it allows credit unions to bring on people who would otherwise have obstacles to accessing formal financial services. People who have trouble documenting their identity or address would be an example.”
In a session on the International Year of Cooperatives, Nina Schindler, CEO of the European Association of Cooperative Banks, said her member organisation share similar challenges on anti-money laundering regulation, cybersecurity anf financial inclusion.
She added that differentiating co-operative banks from commercial banks is a cyclical process thanks to constant changes in national governments.
Related: Woccu’s regulatory update says the credit union model needs protecting
Other sessions at included a panel of young credit union leaders sharing their insights on how to grow their ranks in the sector. They said much of the problem of ageing leadership in credit unions can be solved by those very leaders taking a more active role in mentoring the next generation.
Kemar Cumberbatch, president of the Barbados Co-operative & Credit Union League, said his own mentors helped him grow and advance his career at a rapid pace.
“They gave me the space to grow; praised me when I did something good. If I failed or fell short, they supported me. They did not play politics, which a lot of people do when it comes to age, so there was no embarrassment. They were there to give you that room to fall, helping you to grow in a particular role,” said Cumberbatch.
But young credit union employeesmust also be ready to grow and become leaders, said Kefilwe Masalila, CEO of the Botswana Savings and Credit Cooperative Association.
“Don’t be afraid to step up. Let your age not be a limitation. Unless you believe it is a limitation yourself, nothing is there to limit you,” said Masalila.
Finally, there was a look at how to use the power of financial services to create impact for people and communities, at scale.
Executives from impact-focused credit unions, Sicredi (Brazil) and Vancity (Canada), outlined how they embed impact more deeply into their service model.
“We’re running the risk of seeing increases in poverty again in many parts of the world that haven’t seen that in a long time. I really do believe credit unions and co-operatives are going to be a big part of the answer to ensure a more resilient future for everyone,” said Wellington Holbrook, president and CEO of Vancity.
The session offered practical tools and examples to inspire others to deepen their commitment to co-operative values and responsible finance.
The 2026 World Credit Union Conference will be held in Sydney, Australia, July 19-22, co-hosted by Woccu with the Customer Owned Banking Association, its direct member organisation in Australia. For more information, visit wcuc.org/sydney
