Clockwise Credit Union was founded in 1992 as an anti-poverty initiative of local churches based at Sacred Heart Roman Catholic Church
Originally Highfields Community Credit Union, the credit union’s founder was Fr John Lally who returned to a celebration of Clockwise Credit Union’s contribution to the local community over the past 25 years and the official opening of its refurbished head office branch in the centre of Leicester. The credit union serves anyone who lives or works in the city of Leicester, Leicestershire or Rutland, and runs community access points in Loughborough, Syston, Melton Mowbray, Coalville, Hinckley, Wykin and Earl Shilton. In 2007 this extended to the county including Leicestershire and Rutland.
In 2017, Membership reached 9,700 with over £3.27m in savings, 750 junior savers with £303,000 savings, 3,100 borrowers with a total of £3.24m in loans. The credit union has paid a dividend on savings in 2016 of 0.75% and 2017 doubled that to 1.5%. The credit union is partnered with organisations such as ASRA Housing, Leicester City Council, Leicestershire County Council, Blaby District Council, Melton District Council, Hinckley & Bosworth Borough Council, B-Inspired, Centrebus and Leicester College.
In 2018, the credit union celebrated the launch of an Open Banking partnership with TrueLayer, a leading provider of bank account API’s, to improve access to finance for its members. The partnership utilises the opportunities provided by Open Banking to allow Clockwise to access member bank account data in order to make more efficient and secure loan assessments. This enhances members’ experience by speeding up the loan process and ensuring that the credit union is lending responsibly in its underwriting process.
After two weeks of using True Layer’s technology almost 200 members have benefited from having the speed of loan decisions increased. Clockwise Credit union continued in 2018 to achieve the 5-star Fair banking Mark reflecting not only their vision but mission, values and hard work, the dedication by staff, directors and volunteers.
The Credit Union introduced real-time payment services for members where each member account is allocated their own individual sort code and account number. Using the Clockwise App or website, members can benefit from sending and receiving faster payments 24/7, including at weekends and bank holidays. This service also means BACS payments used for receiving wages or benefits will credit member accounts just after midnight on the day due, giving immediate access to money.
News and Clips HERE
Want to find out more?
Telephone – 0116 2423900
Email – firstname.lastname@example.org
Copyright British Credit Union Historical Society 2018 – All rights reserved