Samantha Homer – Daily Business Magazine

Samantha Homer: increasing our reach (pic: Terry Murden / DB Media Services)

The CEO of Capital Credit Union tells TERRY MURDEN how a rule change will see the movement grow

As a child Samantha Homer would sit with her grandmother, a book-keeper, and help with the “adding up”. It was an interest in numbers that would lead to a maths degree and eventually a career in accountancy. There was, however, a desire to be a leader.

It’s been a year since she got that opportunity when was invited to fill the role being vacated by one of the credit union sector’s longest-servers. Marlene Shiels announced that, after 36 years at Capital Credit Union, including 25 years as chief executive, she was retiring.

Homer, who had been hired to become CFO and Shiels’ deputy in 2021, took charge on an interim basis and was handed the role permanently in July.

Her rise to the top has completed a whirlwind few years since she returned to Scotland from Bermuda where she worked first with Deloitte and latterly AIG, enjoying “a lovely work-life balance” with her Scottish husband whom she met during her accountancy training at Chiene + Tait.

After their first son was born, the couple returned to Scotland to be closer to family and she’s now based in CCU’s refurbished offices in a nondescript industrial street in Edinburgh’s Broughton area.

Does she miss those warm al fresco evenings with friends and wakeboarding on the ocean? Of course, she does.

“Especially when it’s raining!” she says. “But there are advantages to being here in Scotland. There are more places to visit and things to do. Being on an island can feel a bit like you’re hemmed in.”

Would she go back? “Not unless I could get the perfect job. It is a small island and so career growth is difficult if someone above you isn’t moving.”

She admits that she was unfamiliar with the credit union movement until she was offered the job at CCU, but her ignorance is typical of the British population. In the UK only a single digit percentage have an account with a credit union, compared with 75% across Ireland.

“Lack of awareness is one of the biggest problems we face,” she says, though the movement has been handed a helping hand after the UK government recently announced a rule change that will give greater freedom to credit unions to spread their wings and become more competitive.

It has raised the geographic cap – or common bond – on the number of potential members they can serve from three million to 10 million, making it easier for them to grow and merge.

The move was part of Labour’s manifesto pledge to expand the mutuals sector. Economic Secretary to the Treasury Lucy Rigby said the reforms will help more people get access to affordable credit and a safe place to save.

Homer says the rule change is not only opening up the union movement to more people, it opens it up to more co-operation and competition.

‘Lack of awareness about credit unions is an issue’ (pic: Terry Murden / DB Media Services)

“Our focus remains on Scotland but we can now increase our reach and operate across the UK,” she says. “No bank has had this sort of restriction. We are still very cooperative, so it goes against the grain for credit unions to compete with one another, but the UK government wants to see the sector grow and this is a mechanism to enable us to do that.”

It will make it easier for credit unions to appear on comparison websites which have found the postcode restriction a complicating factor.

Homer believes that as competition heats up some credit unions could merge, though a more likely outcome is that, in the spirit of cooperation, they will share services and investment, particularly in technology.

“It is now critical that we invest in apps and other convenience tools for customers, and that is likely to come about through working together,” she says.

“Credit Unions now offer a wider range of financial services, including mortgages, term deposits and cash ISAs, and we’re investing heavily in digital banking to ensure members can access services easily and conveniently.  We have developed a ‘digital first, but not always’ model, so we can cater to all needs.”

She believes the credit union movement remains relevant as it is closer to its members than traditional banks. “People are looking for financial institutions they can trust and we deal with people who may have seen their financial situation derailed by one bad event, such as domestic abuse or the death of a spouse which has left them in difficulty.”

This inclusivity extends to having a wider role in the community. By way of an example, CCU offered some of its office space free to an employment charity and as a result 40 people have found jobs.

“Credit Unions are built around communities,” says Homer, “so partnerships help us connect with people in meaningful ways.

“We already have strong sports partnerships supporting eight professional football clubs and more than 40 golf clubs, which helps us engage with thousands of members and supporters. 

“Nothing says community more than helping our members responsibly spread the cost of their season tickets so they can continue to attend matches and support the local team that they love.”

PERSONAL CHECKLIST

Occupation: Chief executive, Capital Credit Union

Birthplace: Glasgow

Age: 39

Education: Strathclyde University (Maths)

Career highlights: Trained as a CA with Chiene + Tait; Deloitte and AIG in Bermuda; returned to UK with Dickson Minto and then Capital Credit Union.

Why accountancy?

My original plan was to study law and German but changed to maths as I thought it would open more doors. Initially I wanted to be an actuary.

What experiences have shaped your leadership style the most?

Ultimately, I believe leadership is about building strong teams and giving people the confidence and support to fulfil their potential.  I’m a very collaborative leader and I like to bring out the best in people, through mentoring and leading by example

What attracted you to the Credit Union movement?

It’s the purpose behind it. Credit Unions are member-owned organisations designed to support communities by providing safe savings and affordable lending. Being able to combine financial expertise with a clear social mission is incredibly motivating.

I am also passionate about opportunities for women in finance and this is something that the Credit Union sector does very well, with many of the CEOs and senior leaders being female.  I hope to inspire the next generation of future female leaders.

What motivates you most in your role?

The impact we have on members’ lives. When someone tells us we’ve helped them get out of debt, save for the future or buy their first home, that’s incredibly rewarding. 

When you get time away from work, how do you like to spend it?

I like to keep fit and spend time in the gym. I have two young sons who keep me really busy.  I’m also a big sports fan – especially football and rugby – so I follow the sports closely and enjoy watching matches whenever I get the chance.

On TV I watch shows like Bridgerton or true crime, often when I’m cooking!

How much money do you usually carry on you these days?

None! Like most people I rely on contactless payments these days, although working in finance certainly reinforces the importance of saving.

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