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Products Archive

Products

Study Shared branching users most profitable CU members

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RANCHO CUCAMONGA, Calif. (4/21/10)--Not only are shared branch users some of the credit union industry’s most profitable members, but the availability of physical branch locations is in surprisingly high demand among younger members, according to a new study. The study was conducted by Raddon Financial Group on behalf of CO-OP Shared Branching. The results were released Monday at the CO-OP Financial Services’ THINK 2010 Conference. Among the findings:
* About 38.6% of households that use shared branching are profitable, which is 10% more than the 28.8% of households that do not use shared branching and are profitable; * The average annual household profit for shared branching users was $90.25, compared with $7.07 of households that do not use shared branching. After applying the direct costs associated with shared branching transactions, the average profit was $47.53; * Roughly 6.8% of member households actively use shared branching. Use among members ranged from 1% to 18% by credit union. The households that use shared branching use it regularly, with 47.9% conducting 25 or more transactions per year; * Younger members are more likely than older segments to use shared branching; * Deposits are the most common transaction type after member verify, accounting for 26.2% of all transactions with an average of $1,226. Withdrawals and balance inquiries were other common transactions; * The highest level of transaction volume occurs between 10 a.m. and 2 p.m. Friday is the busiest day; and * Households located more than 20 miles from one of their credit union’s branches account for 36.7% of the households that use shared branching.
Members of credit unions in the two-year study used 509 shared branch locations on average. CO-OP Financial Services is a credit union service organization in Rancho Cucamonga, Calif., offering Shared Branching services to member credit unions.

Products and Services briefs (04/20/2010)

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* DALLAS (4/21/10)--Vermont State Employees CU, Montpelier, has selected uMonitor’s uOpen & uFund and uTransfer solutions. uOpen & uFund is an account opening and funding solution with an integrated switch kit. uTransfer allows members to move money in a secure online environment. Vermont State Employees CU has $472 million in assets ... * MADISON, Wis. (4/21/10)--The Credit Union National Association (CUNA) is continuing to offer its nine life-stage financial education programs for credit unions. CUNA's programs serve more than 2000 credit unions nationwide and have more than two million unique visitors annually. The latest offering, El Poder Es Tuyo, was launched in January and provides credit unions with weekly updates on financial education matters. El Poder joins the suite of online customizable services CUNA provides credit unions that also includes Home & Family Finance Resource Center, Googolplex, MoneyMix, Plan It, Guides to Independence, Anytime Adviser, HomeValueBot, and CU Calculators. These product offerings serve credit union member needs from cradle to grave and are accessible through a credit union’s website ... * GRAND RAPIDS, Mich. (4/21/10)--WESCO Net, a Grand Rapids, Mich.-based provider of network integration, managed hosting and Web hosting, is opening a new data center in Muskegon, Mich. The new facility will feature ducted equipment cabinets that recycle hot air from equipment into the building’s central heating, ventilation and air conditioning system, Energy Smart power supplies and on-demand computing capacity so equipment is powered down when it is not needed. The facility is set to open in May as WESCO’s third data center. Other centers are located in Kentwood and Grand Rapids, Mich. ...