NACUFOK signed new CD(credit disability insurance)and CL(credit life insurance) agreements with CUNA Mutual Group on Jan. 20, 2003 and have sold the CD/CL since Mar. 1, 2003. We believe that the CD and CL will provide great benefits to credit unions and their members and they will also be profitable for NACUFOK and CUNA Mutual Group. NACUFOK has also launched a permanent mutual insurance service.
Asian Technical Congress was held at the Jeju International Convention Center under the slogan 'Grow Asia Grow' where 167 Credit Union leaders attended from 17 countries for three days from November 2, 2003. Co-hosted by the National Credit Union Federation of Korea (NACUFOK) and the World Council of Credit Unions (WOCCU), the event was held to look for ways for the development of the NACUFOK and Asian Credit Unions via exchanges of financial technologies and information with credit unions in industrialized countries.
At this congress, attendees had a choice from the 12 sessions offered and exchanged opinions following presentations on the subject. The sessions offered dealt with WOCCU's operation of a model credit union and tools, 7 critical factors and 6 crucial financial factors for credit unions, establishment of loan policies and monitoring and credit union's marketing strategies. Attendees also visited five exemplary credit unions in Jeju Island to see how they operated.
The NACUFOK's Information System Department finalized the basic framework of the information-related strategic plan in relation to the next five years. The plan's aim is to establish a system free from temporal and spatial limits and suited to electronic financial environment, in addition to providing member-oriented financial services and meeting members' diverse needs for financial services.
Based on these aims, the department plans to establish an updated computer system for credit unions by focusing on member-oriented operations, enhancement of operational efficiency and profit maximization. NACUFOK will now be in a better position to establish more systematic and forward-looking mid and long-term strategic plans based on the next-generation integrated information system supported by improved computer systems, shifting to member-oriented financial services system as part of their survival strategy amid the rapidly changing business environment.
The current TV ad for Credit Unions focused on the concept of 'One inch More!' reflecting its willingness to provide more benefits to members unlike commercial banks who exclusively engage in financial business or put profits first.
Their image signifies a hand meaning 'a helping hand of contribution' for members. NACUFOK also launched a series of PR campaigns using 'One inch More' concept. Credit Unions nationwide joined NACUFOK's campaign by distributing posters, leaflets, etc to allow familiarize the general public of their image and expand their business basis.
NACUFOK have issued Hyundai Card M to all members from December 2003, based on the MOU for business alliance between the card company on October 8. It had already started developing a computer program for scheduled card issuance, and push ahead with business through target management and performance evaluation, with the target to issue 300,000 cards in 2004, along with the campaign to publicize the credit union to the general public.
This positive action plan aims for the card issuance to encourage members to use the credit union as their main transaction account and lay the groundwork of electronic financial services through various automatic transfers and increased demand deposits.