Uni Wants to Attract More New Members
UNI financial Cooperation Aims to Rebound After Deficit
EDMUNDSTON – UNI Financial Cooperation is focusing on service improvements to attract new members and regain those lost after a challenging technological transition, following a reported $2.9 million deficit for the last fiscal year.
Nearly 300 members attended the Acadian financial institution’s annual general meeting Tuesday evening, both in person and virtually, in edmundston.
The institution confirmed the $2.9 million financial shortfall, along with a $40 million decrease in assets, bringing the total to $5.5 billion.
President and CEO Éric St-Pierre anticipates similar financial results for the 2025 fiscal year, according to his report.
Focus on Customer Service
In a Wednesday interview, St-Pierre stated the financial institution’s immediate priority is serving current customers before actively seeking new ones.
“We are moving forward,” St-Pierre said. “We are preparing the groundwork to attract new members, or welcome back those who have left. Though, we still have work to do in accelerating service delivery.”
St-Pierre cited reducing wait times at service point counters as a key area for betterment.
UNI also plans to introduce its own credit card within the next year. Currently,the credit card offered is affiliated with the Desjardins Group.
“It represents a source of diversification and additional revenue, and it’s something our members have been requesting,” st-Pierre explained.
No Branch Closures Planned
The CEO affirmed UNI’s commitment to maintaining its current employee base. “Recruitment is ongoing, but we are primarily focused on stabilizing our existing workforce,” St-Pierre said.
Strategies to enhance employee efficiency will be implemented.
“There are no plans to close any of our service points in the coming years,” St-Pierre confirmed.
However, members should not expect immediate rebates. St-Pierre clarified that a return to profitability is necessary before member rebates can be reinstated in the coming years.
“Rebates are not anticipated in the next three years. There should not be an individual discount in the short term,” he stated.
UNI reported donating over $2.6 million in sponsorships and scholarships to more than 600 community organizations in the past year, a level of support that St-Pierre indicated would remain consistent.
‘On the Right Track’
Board of Directors Chairman David Losier described 2024 as a pivotal year, following a challenging 2023 marked by a challenging digital transition of banking services that led to the institution’s most notable crisis.
The transition resulted in the loss of 4,800 members.
“For those who still have doubts, we are on the right track,” Losier stated, acknowledging the efforts of employees during the challenging period.