TCC Credit Co-operative IYC Regional Conference PPT Slides


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TCC Credit Co-operative IYC Regional Conference PPT Slides

  1. 1. TCC CREDIT CO-OPERATIVE “The Small bank with a big Heart”by Dr. R. Theyvendran Page 1
  2. 2. SOCIAL MISSION AS A PEOPLES BANK• TCC was first formed in 1928, to serviceemployees of the Oriental telephone companyand later employees of Telecoms•TCC has grown significantly over 84 years CORE ROLES• Provide members with a safe alternative fortheir savings•Access to credit facilities at affordable interestrates.• Extending credit to the average worker withfinancial difficulties. Page 2
  3. 3. SOCIAL MISSION AS A PEOPLES BANK TCC’s VISION & MISSION •To be the First-Choice Credit Co-operative. •Provides family-oriented financial services.“Every individual involved with TCC, bothpresently and in the past, should take pride inyour success and know that you are making adifference in peoples’ lives.” L.R. (Bobby) McVeigh, Director & Past Chairman, Credit Union Central of Canada, Past Chairman, World Council of Credit Unions, Director & Past Chair, Concentra Financial Services Association, Member, UN Advisors Group on Inclusive Financial Sectors Page 3
  4. 4. GROWTH IN MEMBERSHIP FROM 2001 TO 2011•Membership is open to Singaporeans andSingapore Permanent Residents.•Free Gifts were introduced to encourage newmembers joining in.•83.5% of its membership are having a jointincome of $2500 and below.•Existing members enjoyed various subsidizedpromotions•Membership benefits increased, Hospitalisation,Death Grants reviewed, Baby Bonus Introduced. Page 4
  5. 5. GROWTH IN MEMBERSHIP FROM 2001 TO 2011•Assets are worth more than $75 million.•ATM, telephone banking and internet bankingservices.“The world credit union movement is experiencingdynamic growth thanks to a sound foundation laiddecades earlier by pioneering financial cooperativesaround the globe. TCC Ltd is one such financialpioneer.” Melvin Edwards, Chairman, World Council of Credit Union Peter Crear, President & CEO, World Council of Credit Unions Page 5
  6. 6. GROWTH IN MEMBERSHIP FROM 2001 TO 2011 Over the Years, TCC has grown to nearly 42,000 members.4500040000350003000025000200001500010000 5000 0 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Page 6
  7. 7. SOCIAL IMPACT ON MEMBERS IN THRIFT AND LOAN BUSINESSTechnology Advancement•TCC is ISO 9001 certified.•TCC revamped to fully computerized system forthe management of the co-operative.“TCC’s ability to transform itself is not a coincidenceas over the years, its management has made goodand innovative use of information technology toenhance operational efficiency and effectiveness.” Seah Kian Peng, Member Singapore National Cooperative Federation Board of Trustees & Member of Parliament Page 7
  8. 8. SOCIAL IMPACT ON MEMBERS IN THRIFT AND LOAN BUSINESSAn Alternative Financial Institution With A "Heart"•Banks stringent Loan criterion does not cater tolower income group.•Lower income groups turn to Moneylenders tosolve financial difficulties.•TCC renders assistance to such "Victims" byconsolidating all their Loans and working outaffordable repayment packages. Page 8
  9. 9. IMPROVEMENTS FOR A SUSTAINABLE FUTURE•TCC Limited has been actively promoting theconcept of self-help and mutual help among itsmembers.•Use of Technology will be used in greater depth.•It has also carried upon itself the concept ofthrift to its members while always extending ahelping hand to needy members. Page 9
  10. 10. True to its passion for helping itsmembers, TCC’s tagline is aptly coined:“The Credit Co-operative with a heart”•TCC will aim and continue to place greatimportance in creating new credit facilities forsmall and middle income earners and reach outto a bigger capacity then before.•We will work steadily in re-vamping our benefitsto provide the best for members and become ahousehold name. Page 10