In the morning impact session, Sarah Canepa Bang, President and COO, FSCC, and Craig Beach, President and COO, CUSC, discussed what the merger of FSCC and CO-OP Shared Branching means for credit unions and the movement.
Shared branching has been called one of the greatest expressions of the cooperative spirit of the credit union movement. That’s why we had to get it right. Among the highlights:
Value to Credit Unions
- National Branch Presence – CO-OP Shared Branching now includes more than 6,800 locations.
- Powerful, collaborative innovations of shared branching, self-service kiosks and new delivery/payment opportunities using the shared branching interface.
Future Vision for CO-OP Shared Branching
Streamlining processes and procedures will improve member service experience, create credit union operational synergies, lower fraud and compliance risk and allow us to scale efficiently.
- The rules: One set of common rules for in- and out-of-network members.
- Adjustments: Reducing risk by streamlining the adjustment system.
- Single Locator: Merging multiple locators into one place.
- Middleware overhaul: Technology will be aligned with changing demands.
- All-in: The goal is to have everybody in shared branching.
The CO-OP Shared Branching interface will serve as a platform for innovation and connectivity for all physical and remote delivery channels. Imagine a common mobile P2P network for 80 million consumers! We ultimately will innovate the international shared branching model to support the financial cooperative movement worldwide.
A Little Reminder
Shared Branching is more valuable than ever:
- 24 state networks
- 50 states, Puerto Rico, Guam
- 44 standalone locations
- 4,538 locations total
- 2,200 retail kiosk locations
- 110.8 million transactions per year
- 43.8 million members represented
- 1,750 credit unions
- $451 billion in assets represented
Various asset sizes are participating in shared branching. CO-OP Shared Branching is the fourth largest branch network in the United States, represented in all 50 states: a very strong message to consumers.