CO-OP's 5,000th Shared Branch!

Posted On: March 06, 2013
Category: February 2013
5,000th Shared Branch! Great news here from CO-OP today - Shared Branching has reached a new milestone of 5,000 branch locations. This makes CO-OP shared branching the 4th largest branch network in the country. Way to go and keep 'em coming! FOR IMMEDIATE RELEASE Contact: Bill Prichard Manager, P.R. and Corp. Comm. CO-OP Financial Services 800.782.9042, ext. 3450 Bill.Prichard@co-opfs.org

CO-OP SHARED BRANCHING REACHES MILESTONE: 5,000 BRANCH LOCATIONS NATIONWIDE

Pace of Network Growth Accelerated in Year Following CO-OP, FSCC Merger

RANCHO CUCAMONGA, Calif. (March 6, 2013) – The number of credit union “live teller� branch locations available through the nationwide CO-OP Shared Branching network has reached 5,000, just over three years after reaching 4,000 in February 2010. “Shared branching is one of the best examples we can show potential members that credit unions really are different from banks,� said Stan Hollen, President/CEO, CO-OP Financial Services. “Through the cooperative spirit of credit unions we have assembled a network leapfrogging all but the very largest banks in terms of convenient access to a branch almost anywhere in the country.� The 5,000 branch locations gives the credit union industry the fourth largest branch network with teller service, trailing only three national banks – Wells Fargo, Bank of America and Chase. In fact, the CO-OP Shared Branching network is suddenly not so far behind, as CO-OP’s records show Wells Fargo at 6,382 branches, Bank of America at 5,916 and Chase at 5,833. Nearly 1,800 credit unions participate in CO-OP Shared Branching, which enables members to enter any branch and conduct their business as if they were at their own credit union. CO-OP estimates that if all 7,000-plus U.S.-based credit unions participated in shared branching, the industry’s network of shared branching locations would total 20,519 branches. The rapid growth of CO-OP Shared Branching during the past three years accelerated in 2012, following the merger of CO-OP Financial Services and Financial Service Centers Cooperative, Inc. (FSCC), which became effective at the first of last year. A total of 502 branches were added to CO-OP Shared Branching during 2012. CO-OP Shared Branching is also the only financial services branch network with locations in all 50 states and the District of Columbia. In addition to 5,000 live teller branches, CO-OP Shared Branching includes more than 2,000 self-service locations at Vcom® kiosks and credit unions nationwide. For more information, visit www.co-opfs.org. CO-OP Shared Branching locations can be found at: http://co-opsharedbranching.org. About CO-OP Financial Services Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP Financial Services is the nation’s largest credit union service organization in terms of number of credit unions, assets and members. The company specializes in helping credit unions thrive by providing products and services that make it more convenient for members to do business with them. With a motto of “Be There. Be More,� CO-OP’s products fall into three business lines, including “Locations,� (ATM, shared branching and call center services); “Card Payments� (debit and credit processing) and “Mobile/ Virtual� (mobile, online, check imaging, bill pay services). To learn more visit www.co-opfs.org.]]>
read more

CUNA Report: Small Businesses Prefer In-Person Over Mobile Services

Posted On: March 28, 2013
Category: February 2013
Small Business Owners Header With so much emphasis on mobile and virtual FI services for small business owners these days, its refreshing for CUNA to announce on Wednesday that the branch, indeed, is still alive and well. CUNA News Now released survey results yesterday from a BAI research study on what small business owners prefer from their FI. CHICAGO, Ill. (3/27/13)--Credit unions interested in better serving their small business members might want to note findings of a new BAI Research study: Unlike retail consumers who increasingly crave mobile banking systems, small businesses continue to prefer in-branch services and place high value on personalized service. The study indicates that small businesses continue to be quite traditional in their pursuit of financial services--highly valuing proximity to their branch, access to quick "local" decisions on credit, and help with problem resolution. Whether it is with a credit union or a bank, the study says that more than half of all business transactions are conducted at a branch. Small businesses also show a strong preference for in-person and live-agent phone conversations with their financial institutions, which drives them to greater branch usage. In fact, the BAI research found that less than 25% of small businesses surveyed used mobile banking; only 8% used mobile bill pay. Only 20% of respondents indicated that they prefer online over in-person banking. A competitive plus for credit unions--the BAI survey found small businesses are very sensitive to fees. They value a good fee structure more than other innovations, rates or rewards programs. In fact, survey respondents indicated that higher fees are the factor most likely to affect a decision to switch financial institutions. Credit unions are owned and governed by members and don't have stockholders and return their earnings to members through lower rates for loans, higher rates for deposits and no or lower fees. BAI Research noted its survey was sponsored by ARGO, a software innovator for banks, credit unions, lenders, and healthcare providers.]]>
read more

You will be directed outside the cusn.com website.
Would you like to continue?