The actual business climate, marked by the most severe financial crisis in the past 50 years, creates great difficulties to most employees.
As most credit institutions highly increased their level of prudence, loans were almost inaccessible, credit unions becoming a real support for their members. Without reducing strictness in loan policy, credit union system had the clear advantage of closely knowing their members, their credit history and solvency; therefore, they were able to assess more clearly the risks. Loans’ sizes are strictly correlated with members’ capacity to reimburse them and the solicitors are able to solve rapidly their financial problems. The entire paperwork required for signing up as a member or obtaining a loan is completed by our employees, which increases service promptness and reduces errors that can affect funds.
Loans’ repayment is more important than lending, prudence in analysis stage being of great importance. The main condition for obtaining a loan is the solicitor’s capacity to repay it, proven with documents. Loans that are guaranteed with solicitor’s own funds are instantly approved and paid within 2 hours. This constitutes stimulation for members to increase their funds, being able to avoid the loan guarantee with endorsers.
The reduction of members’ income increased the occurrence of so-called “difficulty loans”. In order to help them, when repaying the loans becomes difficult, we reschedule them, develop new payment plans and find the best suited solution for each particular situation. Europa credit union has its own debt recovery department which collaborates closely with ** and ensures funds’ integrity by minimizing losses.
The entire personnel together with board members are continuously strengthening the bond with the members, having the strong belief that PEOPLE are more valuable than money. Staff’s promptness and professionalism make possible proper and quick members’ informing in a friendly manner. The employees are constantly perfecting by attending professional training programs organized by Romanian Banking Institute, with whom ** has a useful relationship.
Members are continuously communicating with credit union’s representatives being easy to identify new ways to improve our services. The quality of our services and the employees approach toward members’ needs are reflected by the constant increase of new members signing up.
Throughout our over 50 years of experience, perceptiveness to members’ needs proved to be the best advertisement method and way to gain their loyalty. In conditions of general decrease of loans’ interest rates in 2013, we reconsidered our entire loan granting policy and operated repeatedly interest rate cut-offs, in order to remain the first option for our members. Thus, all fees payable before granting loans have been eliminated, and, during 2013 the interest rate dropped with 6 percentage points.
Few weeks before Christmas we initiated a promotional campaign, granting special loans with reduced interest rate. The success of our campaign has been proven by the large number of loans granted as well as by the positive feed-back from members convinced us to extend the program to the Easter holidays too.
Contact with each of our members is important. On this line, we began using JetSMS service, which allows us to send members SMS messages, informing them about maturity rates or any new services or promotional campaigns. We use the same service to send members greetings on various occasions like their birthdays or Holydays. The benefits of this type of communication have immediately occurred: the delinquency fell noticeably and the success of Christmas promotional campaign is connected to its advertisement through SMS.
Because time is more and more important, we facilitated the payment of various bills for utilities right at our counters. Furthermore, we facilitated payments with credit cards, helping members to avoid queues at ATMs.
Although the ast few years were difficult, we are pleased to report increase of number of member. Total members’ saving accounts increased to 7.6 million lei, reflecting the trust we inspire to our members. The number of granted loans increased with too compared to the previous year and their value reached close to 8.5 million lei . Total delinquent loans decreased during last years reaching a level of delinquency much lower than in banking system.
Last year’s results confirm that efforts towards meeting members’ needs represent the most efficient method of consolidating the mutual relationship and altogether a commitment to continuous accommodation to their expectations.
Europa – one of the oldest credit union from the county
Europa is the rebranded and reinvented “Siderurgica” credit union which was founded over 60 ago by steel mill’s employees. Among the affiliated credit unions, Europa suffered the most devastating impact of steel mill’s activity reorganization; in fact the production of coke, cast iron, steel and rolled steel has been drawn back.
Sediul CAR Europa Hunedoara IFN
The turmoil of local siderurgy led to a severe demographic drop, people being forced to search employment in other counties or even other countries. This massive workforce migration implied a numeric reduction of credit union’s members, thus of their shares.
Working together with the Credit Union Association from West Region, Europa’s board of directors managed to avoid the danger of collapse, and, nowadays, this credit union is one of the most modern and well equipped in the county, having loyal members due to a quick and professional service performed by qualified employees.
All credit union’s members are considered our partners and no efforts were sparred in offering them best service conditions and security for their savings. The funds are managed by using modern software, developed by Credit Union Association’s programmers and which is copyrighted.
A very modern headquarters office was built, equipped with top security and surveillance systems. From respect to our members, we did our best to ensure them a friendly and welcoming ambient and a very pleasing experience while using our services.
Indicator to 2018-12-31
CAR Europa Hunedoara IFN
Strada Dacia nr. 2 331028Hunedoara, Hunedoara
Presedinte/President - Anita Marin
Dir.econ./CFO - ec. Petreanu VladAgenții/Agencies