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For Credit Co-operatives to Thrive, Digital Transformation Is A Must
2024-04-20 05:35:00

For Credit Co-operatives to Thrive, Digital Transformation Is A Must

Credit co-operatives gather to consider digitalisation or digital transformation to bring their services to new heights. 

Mr Sanjeev Tiwari hosted the informal Credit Sector Gathering with credit co-operators present.

More than 60 credit co-operators from 14 co-operatives attended an informal sharing on digital transformation by AUPE Credit Co-operative’s chief executive Mr Sanjeev Tiwari on 28 March. The credit co-operative had recently adopted Fern Software in a bid to improve business operations and customer experience.

“We are taking it one step at a time,” said Mr Tiwari, who is also the credit sector chairperson as well as an SNCF EXCO member. “We thought we’d hold this gathering to share our thought processes behind this adoption, and why we think digital transformation can better help (credit co-operatives) move forward and keep pace with the transformation in the sector.”

Previous conversations between credit co-operatives, such as at the Forward Singapore exercises and at ACLC, highlighted their intention to compete with other banking institutes. Some had wanted to work more closely with the regulators to create an even gaming field, while others look to learn from established thought leaders.

“At your own co-operative, you need to also look at your own business outcomes and decide what’s the best fit for you,” Mr Tiwari reminded.

With digital transformation, credit co-operatives can streamline workflow and allocate resources to other business functions. For AUPE Credit Co-operative, adopting the relevant digital software also help them reduce errors and mundane tasks, and focussing on more aspect of the co-operative business.

“I see technology as a means to enable us, helping us do what we could not do at a lower cost,” said SNCF’s second deputy chairperson and EXCO member Mr Shareef Jaafar, who was also present.

Mr Shareef Jaafar said: "I see technology as a means to enable us."

By Sng Ler Jun

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SNCF is the apex body of Singapore’s Co-operative Movement, and secretariat of the Central Co-operative Fund (CCF). Formed in 1980 with the aim of championing Singapore’s Co-operative Movement, the apex body represents majority of co-operative members in Singapore through its affiliated co-operatives.