A single sponsor credit union with members spread all over the world has started to offer shared branching to help its members meet their financial needs.
The $19 million KONE Employees Credit Union's single sponsor is KONE, a multinational elevator and escalator manufacturing firm with branches, affiliates and employees spread across the globe. More than 85% of the credit union's almost 3000 members do not live close to the credit union and previously had to do many of their transaction via the mail, according to the KONE Employees CU CEO Katherine Hoeper.
"We are not able to serve our members like a traditional brick and mortar credit union," said Hoeper. "So we rely heavily on technology services for our remote members to use. But we have found that Credit Union Centers'shared branch network complements our online services nicely."
KONE Employees Credit Union signed on to shared branching through establishing a relationship with Credit Union Centers, an affiliate of the Credit Union Service Centers that is owned by CO-OP Shared Branching.
"We believe this service is the ideal way to save money during today's challenging economic climate while either enhancing or maintaining great member service," said Dan Davis,CFO of Credit Union Centers.