CO-OP Fast Branch (Powered by Ensenta) Helps Lower Operating Expenses and Puts Money "Back in the Hands of Members"
August 26, 2008
RANCHO CUCAMONGA, Calif. – Citing CO-OP Fast Branch for helping avoid construction of additional branches and lower other operating expenses, the first credit union in Colorado to use the self serve kiosks said they have been able to put money "back in the hands of members," a welcome relief in today's uncertain economic times.
Red Rocks Credit Union based in Highlands Ranch, about 15 miles outside of Denver, went live with four CO-OP Fast Branch kiosks in July. In a matter of weeks, over 1,500 members enrolled to use the self-service kiosks that supplies more services than a conventional ATM, including deposits by check (no envelopes, no deposit slips), cash withdrawals, loan payments and advances. CO-OP Fast Branch also allows credit union members, including 36 million shared branching members, to conduct regular branch business at a variety of locations, outside normal banking hours.
"In lieu of a growth model that centers on the construction of additional branches, Red Rocks simplified operations and offered greater convenience through online services, telephone banking, ATM access and now CO-OP Fast Branch, our latest offering of doing business with our members," said David Starck, Vice President of Member Service for Red Rocks. "Focusing on these new delivery methods gave us the ability to raise deposit rates and lower rates on our various loan products, including rates currently being paid by members on existing loans. And, giving back to members goes back to the original intent of credit unions and the core foundation of Red Rocks-maximizing the economic benefit for the membership."
Starck added that the addition of Fast Branch has not eliminated any positions, but instead have added efficiencies. "Tellers are posted nearby to assist members with initial transactions, but there has already been decreased waiting time at the teller line and an increase in the amount of transactions by repeat Fast Branch users. I would absolutely recommend CO-OP Fast Branch to any credit union who wants to offer another way of doing business with their members."
Stan Hollen, President/CEO of CO-OP Financial Services, praised Red Rocks for giving back to its members through its use of simplified delivery methods such as Fast Branch. "We developed CO-OP Fast Branch for credit unions like Red Rocks for exactly this purpose: to provide a powerful, affordable, easy-to-implement and economical way to bring full-service, automated banking to credit union branches as well as retail and employer locations."
About CO-OP Financial Services
Established in 1981 and located in Rancho Cucamonga, Calif., CO-OP Financial Services (formerly CO-OP Network) is the nation's largest credit union service organization. Wholly owned by its credit union shareholders, CO-OP provides volume discounts on products and services that include ATM network access, ATM processing, debit/card services and shared branching. With nearly 3,000 credit union members, 25,000 surcharge-free ATMs (including 9,000 deposit-taking), 120 million-plus monthly transactions and 26 million cardholders, CO-OP Financial Services is the No. 1 credit union EFT network and processor in the U.S. financial services industry. CO-OP Financial Services' membership has access to 800,000 ATMs worldwide through links to NYCE, STAR, Cirrus, Pulse and Plus.
About Red Rocks Credit Union
Since 1979, Red Rocks Credit Union has been committed to providing the membership with the highest level of financial excellence and maximum economic benefit. Over the years the credit union has maintained that responsibility to the member experience, which remains evident in top-of-the market products and services that include savings, checking, loans and investments. A not-for-profit financial cooperative, the credit union is open to those who live, work, worship or attend school in Douglas County, Colorado.
Red Rocks Credit Union based in Highlands Ranch, about 15 miles outside of Denver, went live with four CO-OP Fast Branch kiosks in July. In a matter of weeks, over 1,500 members enrolled to use the self-service kiosks that supplies more services than a conventional ATM, including deposits by check (no envelopes, no deposit slips), cash withdrawals, loan payments and advances. CO-OP Fast Branch also allows credit union members, including 36 million shared branching members, to conduct regular branch business at a variety of locations, outside normal banking hours.
"In lieu of a growth model that centers on the construction of additional branches, Red Rocks simplified operations and offered greater convenience through online services, telephone banking, ATM access and now CO-OP Fast Branch, our latest offering of doing business with our members," said David Starck, Vice President of Member Service for Red Rocks. "Focusing on these new delivery methods gave us the ability to raise deposit rates and lower rates on our various loan products, including rates currently being paid by members on existing loans. And, giving back to members goes back to the original intent of credit unions and the core foundation of Red Rocks-maximizing the economic benefit for the membership."
Starck added that the addition of Fast Branch has not eliminated any positions, but instead have added efficiencies. "Tellers are posted nearby to assist members with initial transactions, but there has already been decreased waiting time at the teller line and an increase in the amount of transactions by repeat Fast Branch users. I would absolutely recommend CO-OP Fast Branch to any credit union who wants to offer another way of doing business with their members."
Stan Hollen, President/CEO of CO-OP Financial Services, praised Red Rocks for giving back to its members through its use of simplified delivery methods such as Fast Branch. "We developed CO-OP Fast Branch for credit unions like Red Rocks for exactly this purpose: to provide a powerful, affordable, easy-to-implement and economical way to bring full-service, automated banking to credit union branches as well as retail and employer locations."
About CO-OP Financial Services
Established in 1981 and located in Rancho Cucamonga, Calif., CO-OP Financial Services (formerly CO-OP Network) is the nation's largest credit union service organization. Wholly owned by its credit union shareholders, CO-OP provides volume discounts on products and services that include ATM network access, ATM processing, debit/card services and shared branching. With nearly 3,000 credit union members, 25,000 surcharge-free ATMs (including 9,000 deposit-taking), 120 million-plus monthly transactions and 26 million cardholders, CO-OP Financial Services is the No. 1 credit union EFT network and processor in the U.S. financial services industry. CO-OP Financial Services' membership has access to 800,000 ATMs worldwide through links to NYCE, STAR, Cirrus, Pulse and Plus.
About Red Rocks Credit Union
Since 1979, Red Rocks Credit Union has been committed to providing the membership with the highest level of financial excellence and maximum economic benefit. Over the years the credit union has maintained that responsibility to the member experience, which remains evident in top-of-the market products and services that include savings, checking, loans and investments. A not-for-profit financial cooperative, the credit union is open to those who live, work, worship or attend school in Douglas County, Colorado.