Rhand Credit Union opens 'smart' branch in San Fernando

RHAND Credit Union hopes to increase its customer base and better serve existing ones in south Trinidad after opening its first "smart" branch in San Fernando on October 30.

General manager Ainsley Andrews said the branch, at the corner of Independence Avenue and Rushworth Street, will be both paperless and cashless, allowing customers to interact with the union's new digital platform to do business.

"They can apply for loans, new persons can apply for membership and you can make all your different requests on this platform as it is right now.

"In the future, we intend to have services expanded and to be able to do...your financial transactions."

He said the aim is to add point-of-sale devices to the existing digital interfaces to facilitate this in the medium term.

He said a cashless and paperless operation was selected to cut down on paper waste and align with the UN Sustainable Development Goals. He said there are plans to implement smart features at the other union branches and renovations were already under way at some. While there is a transition to paperless business, he admitted it was unlikely the other branches would go completely cashless.

"Cash will always be king. Even in some other regions that have embraced technology more significantly, cash is still valid."

This is the credit union's fourth location after its head office in Port of Spain and branches in Arima and Tobago.

He said of some 25,000 members nationally, there are only around 500 from southern Trinidad, which is why the union was initially hesitant to open a branch in the area, despite requests from customers.

"The data never supported a board decision to come to San Fernando with infrastructure. However, through the current board and current president, they took a different approach and they said: 'Hey, here's what's happening – let's just go San Fernando. Members asking for it. Let's just disregard what the statistics saying, what the data saying, and let's just come to South.'"

He said a Marabella location was also explored but ultimately San Fernando got its estimated $750,000 investment to house the branch. This was based on the parking arrangements and, most importantly, its proximity to government services as public servants make up the majority of its customer base.

Now the branch has been established, he said the union will actively seek out new customers.

"We're coming hard to San Fernando and the whole south region."

However, he said targets would not be set until 2025, as this year is already over. Additionally, he said the new technology-driven location is geared towards attracting younger customers.

Greater San Fernando Area Chamber of Commerce head Kiran Singh said the union's entry to the city was welcomed.

"We're excited to have RHAND open this branch in San Fernando. It's a challenging time in the economy now, and it's important to see that credit unions have the confidence to invest further, especially in the southern city. Of course, it's going to offer greater service to the southern parts of Trinidad."

He said the union would be especially beneficial to small and medium-sized enterprises (SMEs), which are often turned away from banks because they are viewed as too risky an investment.

"It would give us a greater choice. The banking sector, as you'd know, is very against supporting the SME sector, and the credit union certainly supports the man on the street. The due diligence process to open a bank account is extremely tedious and could be quite painstaking. The credit union offers a very easy option to borrow, to invest and to expand opportunities from a small perspective, and they grow over time."