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The Learning Enterprises Organisation is creating a fairer financial future Fresh Thinking

The global banking industry is ripe for disruption. Even as it rises from the ashes of a worldwide recession, little has changed, with the profits of the few - the banks - still prioritised over the needs of the many - the customers.

Learning Enterprises Organisation (LEO) believes in creating a fairer financial future and by constructing a member-owned and run credit union the company is aiming to use people power to change the world.

LEO is in business to help people realise their dreams. This may sound idealistic, but it works. The company helps people improve their skills, provides them with the opportunity to earn money and for those who want to become entrepreneurs, teaches them entrepreneurship skills and helps them set up and start their own businesses.

However, LEO found early on that after knowledge and experience, the biggest hurdle to becoming an entrepreneur is financial. The banks take huge and unwarranted fees for moving other people’s money around, especially across international borders, so LEO resolved to find a solution.

Banking without borders

Its first move was to develop a digital currency, LEOcoin, which has been incredibly successful, allowing over a quarter of a million people in almost 200 countries to trade and make payments across international borders without having to go through the banking systems.

Hot on the heels of this success, LEO made its second move by launching a pioneering new crowdfunding platform, LEOcrowd, which facilitates funding via digital currency.

What makes LEOcrowd different is its links to the global community of entrepreneurs at LEO, who are already engaged with the idea of supporting business start-ups and have a unique digital currency at their disposal - LEOcoin.

Budding entrepreneurs can therefore seek funding from those who want to support new ideas across international boundaries.

With these achievements well established, LEO is now looking to take its ideas to the next level. But what is the problem it’s trying to resolve?

LEO still finds its members suffer from poor service and high charges from banks. Nothing seems to have changed in the worldwide money markets, as banking institutions still put the needs of their customers second - primarily operating for themselves and their shareholders.

The result is they don’t try to provide a first class service and charge at every opportunity, regardless of whether they have delivered any value.

Leo banking

So LEO decided to establish a financial institution that listens to its customers, works for its customers and provides the best possible service for its customers - only charging when value is given.

It’s therefore about to establish a new type of banking entity that’s based on the credit union model and makes good use of LEO’s knowledge of digital currencies and technology platforms.

The principle of a credit union is that each member is equal and every member has an equal right to say how the credit union is run, how it operates, where it operates, the strategy it uses, the business plan it follows and the way it delivers this business plan. A member with £1 in their account has the same rights over business direction as a member with £1 million.

As a member organisation itself, LEO believes all members are equal and intends to take this model and develop it, using the organisation’s experience of digital currencies and global operations, technical expertise and global membership.

For the members by the members

LEO’s mantra will be: ‘Run for the members by the members’. Every LEO Banking member will have one vote and exercise that vote on a voting application (VApp). That way, every member, regardless of their language, location or time zone, will be able to have their say.

Using this VApp, LEO can say: “Here is the issue; here are the options; cast your vote here.” This is true democracy without boundaries, as LEO will enable over 250,000 people across 197 countries to have their say and they will know they are being listened to.

In addition, LEO can deliver extra value because members will be able to make digital currency transactions, digital currency deposits and digital currency payments, as well as have access to digitally delivered services and even borrow digital currency.

On every member’s smartphone will sit the VApp and an interface to the LEO Banking system, alongside their digital currency wallets, making the full service available at the tap of an app.

As such a digital currency credit union and its associated mobile applications are leading edge thinking and revolutionary new territory, LEO will need to balance these innovations with the tried and tested to keep its feet firmly on the ground.

LEO Banking will therefore back up its digital assets with gold and support the digital service delivery with offices where members can speak to LEO Banking staff in person.

In this way, LEO will be what could be called a global ‘brick and click’ operation - offering online and face-toface services.

The best of old and new

The new logo for LEO Banking will reflect all that it stands for, with three crowns representing the three key pillars underpinning it:

A members’ association, where one member equals one vote, run for the members, by the members. A credit union, providing services to members following global best practices. Accessibility, bringing banking to people all over the world.

In this way, LEO Banking will bring together the best of the old and the fresh thinking of the new to offer a fairer financial future to people all over the world. Read more like this

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