30 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Board of Directors’ Report (Continued) public at large. Our response cannot be to outspend them, but it is to out-serve them. To out-serve them by combining our community values with ever improving technology systems and processes that puts our members first. While it is a strong testament to our strong roots, we are also addressing a reality many of you may have noticed; our membership is aging. These long-standing relationships are cherished and stand tall to remind us of our strong legacy, but to ensure a strong future and continuity we must attract younger members, all of who have different product and service expectations. This means reviewing and where necessary expanding into truly digital offerings and experiences, and expanding our services to meet diverse financial needs. Behind the scenes, like every organisation today, we are working hard to retain and also to attract talented staff in a competitive job market. We are streamlining operations, improving response times, and ensuring that when you need us, we are ready to assist with answers and solutions We are investing in training and creating an environment where our team can grow, because great service starts with great people. The path forward requires us to honour our cooperative principles while embracing the technologies that will keep us relevant and competitive. We’re committed to giving you the best of both worlds - the personal attention you value and the modern conveniences you deserve. Together, we will navigate these challenges and emerge stronger, more efficient, and more connected to the communities we serve. Acknowledgement The Board of Directors acknowledges contributions made by elected officials, sub-committees, management and staff during the reporting period, without whom the Credit Union would not have achieved the success that it did leading up to its 55th Anniversary. The Board would also like to express thanks to retiring directors, Sis. Caroline WoodroffeHolder, Bro. Carl Padmore and Bro. Mark Hope, for their contributions and support to the success of the Credit Union during the reporting fiscal. Condolences The board of directors extend condolences to those members who lost loved ones during the reporting period. Key Achievements and Benefits Summary Achievement Benefit Regulatory Compliance and Governance Enhancements • The Board and Senior Management successfully implemented new regulatory guidelines, including Material Change Disclosure, Fitness & Propriety, and Technology & Cyber Risk Management Enhanced transparency, accountability, and operational stability, ensuring compliance with evolving standards Digital Transformation • Launched a new online and mobile banking platform with advanced features like multi-factor authentication and biometric access Provided members with an improved online and mobile banking experience for convenient, secure, and user-friendly access to banking services Improved overall experience and engagement Cybersecurity and Fraud Prevention • Implemented advanced threat detection systems and enhanced data privacy measures, including a Data Privacy Policy and incident management procedures Strengthened protection of member data and financial assets, reducing the risk of cyber threats and fraud Community Engagement and Education • Hosted financial literacy sessions, awarded educational grants, and sponsored community projects Empowered members and supported community development through education and financial empowerment, fostering long-term societal impact Operational Efficiency and Risk Management • Streamlined processes and enhanced risk management frameworks, including a comprehensive review of the Credit Risk Management Improved operational efficiency, reduced risk exposure, and ensured compliance with regulatory standards
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