A tree without branches?
Probably never heard of Velera unless you've worked around credit unions. Used to be called Payment Systems for Credit Unions (PSCU) and Co-Op, but the two recently merged and adopted the new name Velera. The company offers shared services, such as branches, call centers, and debit/credit card processing, to 4,000 credit unions.
✅ Here's what Velera's research discovered about how much credit union members value a local credit union branch:
✅ While CIVIC takes "a digitally-focused flyer", the SECU Board might want to re-investigate how important local branch service is to SECU member-owners. Even those amateur hour,"raise your hand", faux member surveys never achieved 96%/98% support!
😎 So far, stripping the SECU branches of local control and decision making - especially in the resulting poor lending performance - has proved to be a costly error.
Beware: If they leave in disgust... they will never come back!
