Interactive website submission

Title of Proposal	New Product Development and Promotion Initiative
Credit Union(s) leading the development of the proposal	Cleator Moor & District Credit Union
Contact Details	jimyoudale@aol.com
Aims and objectives of proposal (brief description of what the project would be and why is there a need for this?)	The aim of the Project is to expand and strengthen membership of the Credit Union throughout the whole of the Common Bond Area by developing and increasing a range of new products and services making these more readily available and accessible to all existing and potential members. The Project will target in particular financially excluded individuals and families living in remote rural locations within the Common Bond and also those, who because of the limitation and demands of their domestic and/or employment situation, are unable to benefit from the services currently offered. There is a need for the project on the grounds of operational efficiency sustainable expansion competitive marketing.
What outcomes will the project deliver? ( what would the project achieve?)	-The development of banking platform software to enable the introduction of “jam jar” accounts to assist members in the management of their financial affairs and in particular to address potential problems arising from the introduction of the impending Welfare Reform Act legislation. -The development of an interactive Website that will not only provide a full explanation of the Credit Union's benefits and services but will also offer online membership application for new members and access to other services, such as online loan applications, loan calculator service, share withdrawals, account balance enquiries etc., to existing members. -The development and delivery of a marketing and promotion strategy of the new products and services by each of the participating credit unions. -The development of a Cumbria Credit Union portal to link with each cumbrian credit union web site. This is an optional consideration at this stage
How will each credit union or study group benefit from this project ?	For those credit unions or study groups currently having no or a very basic website this provides the opportunity to have one professionally designed customised to suit their specific requirements with image driven website navigation with all available services displayed in a user friendly layout. For those which already have a website that suits their existing needs this could provide the opportunity to upgrade and offer access to the Portal. Among Paul Jones' recommendations in his report “Strategies for Growth “ he states; 7.12. Credit unions need to prioritise the introduction and improvement of electronic delivery channels for financial services.
How will this project help to challenge poverty in Cumbria? Are there any target/ vulnerable groups that would particularly benefit from it?	The project will help to challenge poverty in Cumbria by making the benefits and services of the credit union more readily accessible to all existing and potential members throughout the county. The project will make the credit union more competitive and attractive to existing and potential members by offering a more credible alternative to doorstep and pay-day lenders by affording the credit union an inter-active presence in the home. With online services and 24hr access to information, the credit union is always open. The target groups will include financially excluded individuals and families living in rural areas; individuals currently deprived of full access to credit union membership and services because domestic and/or employment demands; individuals and families trapped in a cycle of dependency on unscrupulous lenders without the knowledge or confidence to seek alternative options.
Please provide a business case or project plan describing how the project would work, what action would be taken, who might it involve, what sort of resources would be required to make it happen, an indication of cost for key components of the project (this will help develop an understanding of whether the project would provide value for money)	If the Proposal is accepted it would be for the Joint Working Projects Group to agree an outline specification with cost parameters; determine a preferred provider and nominate one of the Group to act as co-ordinator. It would be the responsibility of the provider to meet and confirm with each credit union a schedule of work in accordance with their specific requirements having regard to the jointly agreed outline specification. The provider would be required to submit a project completion programme for approval of the JWPG. The co-ordinator will have responsibility of ensuring that the project is delivered in accordance with the agreed programme and address any issues. Indication of Key Costs Given the disparate nature of the group and the likely variation in needs the costs indicated are tentative but nevertheless based on proposals for similar work submitted to Cleator Moor by Progress Systems Ltd (website development) and Fern (jam jar accounts). I have spoken briefly to Tom Owens of Progress Systems and he confirmed that a group proposal would reflect a reduction without being specific as to how much that would be. I have therefore applied a 20% discount on the figures submitted to Cleator Moor. Website Design/ Development (8 @ £1536 ) £12288 Jam Jar A/cs set up & software changes (8 @ £768) £6144 Cumbria Portal (optional) estimated £2000 Training & travel expenses estimated £1000 Total £21432
How could the project be managed?	The development stage would be managed as explained above. After implementation it would be for each credit union to manage the service direct in conjunction with the Provider.
What would the outputs of the project be?	-More accessible service to wider client base -Cost effective delivery of core services -Credible alternative to daily increasing competition -More effective use of staffing resource -Increased membership Paul Jones 7.10. It is recommended that credit unions abandon the provision of services and delivery channels that are a net cost to the credit union. In particular, credit unions need to rigorously evaluate the cost-effectiveness of community collection points and services to primary and secondary schools
How would the outcomes of the project be made sustainable?	The outcomes are integrated into the core financial services delivered by each credit union and are sustainable as long as the credit union remains viable. In this context there is one further consideration that of the annual maintenance costs (site hosting/maintenance/digital encryption certificate). The figure quoted to Cleator Moor by Progress for this was £1,140. Sounds a lot but in the context of the potential benefits should more than pay for itself.
What is the added value of the project? (are there any additional benefits we would gain of this investment?)	The project addresses many of the issues identified in the County's Anti Poverty Objectives ; rural isolation; improved access to affordable credit ; effective competition to unscrupulous lenders etc. In addition the project impacts on County's Economic Development objectives by generating and recycling monies in the local economy.
What scope is there for the project to dovetail with existing or additional planned future credit union projects?	The Project dovetails well with the potential introduction of Pre-Paid Cards. The Project would also dovetail well with the future development of a Cumbria-wide credit union, especially with a portal.
What would the measures of success be for this project? What targets will be set for the project?	The number of visits to the website. The number of services delivered on-line The number of new members recruited on line Increased income and reduction of expenditure. I hesitate to suggest any target setting. The perceived wisdom in the form of most commentators, recent reports (DWP Modernisation & Expansion, Paul Jones Strategies for Growth) successful credit unions in the UK and throughout the world all point in the same direction. It really is a no-brainer.