What if financial services were built to include everyone, not just the few?
In this episode of the Sense of Identity podcast, we sit down with CEO Mark McAlpine and Head of Proposition & Innovation Kerry Nicolaides.
Together at Not The Odd One Out, Mark and Kerry are helping mutuals, credit unions, and cooperatives modernise through shared services, collaborative strategy, and inclusive innovation.
Their goal? To make financial services fairer, more accessible, and digitally capable - without losing sight of the communities they serve.
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Mark and Kerry’s mission begins with a clear purpose: levelling the financial playing field.
That means helping institutions that are often overlooked - credit unions, mutuals, building societies - access tools, tech, and strategies previously reserved for the big players.
Credit unions in the UK make up less than 3% of the financial sector’s market share.
Yet they serve millions and are deeply embedded in their communities.
They’re certainly not new actors on the scene - UK credit unions date back to the mid-1900s, while friendly societies trace their roots to the 1600s.
The difference today is that these member-owned organisations are now facing serious pressure to digitally transform.
But as Kerry points out, they’re not short on motivation.
"They want to do so much for their members or customers and they don’t have access to the technology they need to do that."
Kerry Nicolaides, Not The Odd One Out
This tension - deep commitment to purpose but limited digital capacity - is what sparked their current work.
One of the standout efforts from Mark and Kerry is something called CU Share.
It’s the UK’s first shared services platform created specifically for credit unions.
Why does this matter? Because credit unions can’t always afford digital transformation on their own.
By pooling budgets, sharing tools, and communicating across organisations, they can build sustainable, scalable solutions.
CU Share helps them do exactly that. In essence, it’s a cooperative of cooperatives - a structure that fits their DNA.
Why don’t more credit unions already offer seamless digital services like mobile apps or instant member onboarding?
Mark outlines three major blockers:
Interestingly, many of these challenges mirror what larger banks experience too.
The difference is scale and budget.
"Mainstream providers won’t build a £150K integration when they’re chasing £15M contracts," says Mark.
There’s hope on the horizon though.
Open banking, cloud technology, and microservices are unlocking new possibilities.
Credit unions can now layer services, automate processes, and improve user experiences without fully replacing core systems - at least in the short term.
But eventually, real transformation will require shedding the old tech.
Crucially, shared innovation models like CU Share mean that no organisation has to go it alone.
Another secret weapon for credit unions? Workplace relationships.
Kerry explains that many institutions are already embedded within specific industries or employers - from nurses to armed forces to transport employees.
These relationships are a powerful route to member growth and new proposition design.
Mark also highlights an opportunity: payroll deductions.
Just like auto-enrolment for pensions, automatic savings schemes linked to payroll could transform financial resilience - especially for underserved workers.
Technology can now support this ambition.
It’s not just about systems - it’s about people.
Mark is passionate about reaching the hundreds of thousands who don't fit “mainstream” credit profiles.
That includes those with low savings needs, irregular or insecure incomes, and those excluded from typical lending products.
These people often pay a premium - or worse, fall victim to exploitative lenders.
That’s where credit unions make a real impact.
Kerry points out that building for these groups needs the right mindset:
"They’re not always able to be the masters of their own destiny. Being further down the priority chain makes innovation hard. We want to change that."
Kerry Nicolaides, Not The Odd One Out
Credit unions are starting to look like a digital movement for good.
Mark compares the vision to neobanks like Monzo or Revolut - but with a vital difference.
Instead of shareholder profits, everything is reinvested back into the community.
But that future depends on stronger collaboration and the right support services.
Not The Odd One Out is stepping into that space, helping organisations modernise while maintaining their values.
It’s a message that resonates in busy boardrooms and across local communities alike.
"Nobody should be left behind. Financial services should be fair, accessible, affordable - especially for those with fewer financial choices."
Mark McAlpine, Not The Odd One Out
A credit union is a member-owned, not-for-profit financial co-operative that provides savings, loans, and other services to its members, often with a community or employer focus.
They reach underserved and vulnerable people who may be excluded by mainstream banks, offering fair credit options and flexible financial solutions.
CU Share is a shared services organisation launched to help UK credit unions pool resources, share technology, and scale innovation affordably.
Yes. They are fully regulated and must follow strict rules around capital, risk, and governance, just like mainstream financial institutions.
Thanks to modular systems, open banking, and shared service models, smaller players can now offer the same digital experience as neobanks - without needing big budgets.
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Sam Kendall, 04.06.2025