Do more locations make happier members?

by: Samantha Paxson

Credit unions are at an odd crossroads with locations. On the one hand, changing branch economics make it difficult to justify adding – or even maintaining – an extensive number of locations. On the other hand, members want convenient access, even when they move or are not close to home. These opposing trends raise a curious dilemma: Do more locations make happier members?

CO-OP research suggests that they do – and reveals an alternative approach to achieving locational happiness. CO-OP and Raddon Financial Group surveyed 20,000 members at 25 credit unions in Fall 2013 to find out how CO-OP ATMs and Shared Branches help credit unions strengthen their member relationships. What did we learn?

CO-OP ATM and Shared Branching users are engaged members. In national Raddon surveys, three of the four top influencers in choosing a PFI (Primary Financial Institution) were location-based: convenient branch locations, access to many ATMs with no surcharge fees, and convenient ATM locations.



continue reading »