With its conservative approach, rooted in the Great Depression, St. Mary’s Bank of Manchester, New Hampshire has endured more than a century of economic challenges. In the latest PYMNTS Credit Union Tracker™, in collaboration with CO-OP Financial Services, St. Mary’s COO Ken Senus offers insights into how the credit union has kept its doors open during difficult times — including why, even against newer competition, it’s appealing to the younger millennial crowd. Plus, the latest headlines and trends from around the space, all inside the Tracker.
With its conservative approach, rooted in the Great Depression, St. Mary’s Bank of Manchester, New Hampshire, has endured more than a century of economic challenges. St. Mary’s COO Ken Senus offers insights into how the credit union has kept its doors open during difficult times – including why, even against newer competition, it is appealing to younger millennial members.
It takes a village, as they say. But when the village gets wiped out by a natural disaster like Hurricane Harvey or Irma, it’s going to take more than that to rebuild. Kathy Herziger-Snider, CO-OP’s SVP Debit/ATM/Shared Branch, walks Karen Webster through CO-OP’s notion of building a community of credit unions that helps its 110M prepare before a disaster and also clean up after.
Give credit unions, well, credit. They know they have to make the leap to embrace the digital age, but getting there seems to be more than half the battle. As Matt Kardell, chief revenue officer of CO-OP, tells PYMNTS, sometimes the decisions hinge on more than just build versus buy.
The shared branching model offers credit unions a way to boost revenues and control costs, all while giving consumers improved access to banking services. CO-OP Financial Services’ Craig Beach, SVP of Shared Branching, tells PYMNTS why this approach to “shared services” is why CO-OP now operates the second largest branch network in the U.S.
These days, financial institutions are under pressure. They must deliver cutting-edge innovations that address customers’ banking needs through a simple tap on a smartphone, and FIs that cannot offer fast-acting solutions risk falling behind the competition. For the heavily regulated credit union market, however, matching the innovations offered by rival banks or FinTechs can be a tall order — an order the market is nonetheless intent to fill.
The CO-OP Shared Branch network announced Wednesday (Aug. 3) that it has passed Chase in the number of branch offices, making the credit union cooperative the second-largest network of financial institution branches in the country.