Lizeth GeorgeIn today’s rapidly changing world, credit unions face a multitude of challenges, ranging from natural disasters to cyberattacks and power outages. In times of crisis, maintaining uninterrupted service for members becomes paramount. To fortify their disaster preparedness plans, credit unions are increasingly turning to Shared Cooperative Services, a network that offers shared branching as a reliable transaction alternative. Here’s why participation in Shared Cooperative Services, part of the CO-OP Shared Branch network, is essential for credit unions:
- Diversified Business Continuity Plans:
Credit unions should review their business continuity and disaster preparedness plans regularly. Incorporating CO-OP Shared Branch as a transaction alternative ensures that members have access to vital financial services even during emergencies. Shared branching not only aids in mitigating the impact of natural disasters but also safeguards against cyberattacks, power outages, and other disruptions.
- Proactive Communication:
For both issuers and acquirers, maintaining open communication with Shared Cooperative Services is crucial. By keeping them informed about planned branch closures, permanent or temporary outlet closures, and other operational changes, credit unions enable Shared Cooperative Services to optimize service delivery to members.
- Emergency Assistance:
In the event of a natural disaster or emergency, credit unions can rely on Shared Cooperative Services for assistance via website or email, to provide vital support during challenging times.
- Updated Branch Locator:
Credit unions benefit from Shared Cooperative Services’ ability to update the locator map to reflect the availability of their branches to guest members. This ensures that members can easily locate nearby shared branching locations, enhancing convenience and accessibility.
- Integration with Business Continuity Plans:
Credit unions are encouraged to integrate CO-OP Shared Branch locator map information into their business continuity and disaster preparedness plans. The CO-OP Locator app, available on both the Apple App Store and Google Play, along with the website and dedicated hotline (888.SITE.COOP), offer multiple avenues for members to find shared branches near them.
- Member Outreach:
To inform members about shared branching options, credit unions can leverage Shared Cooperative Services’ Marketing Toolkit, which provides a variety of free materials. These resources empower credit unions to educate members about the benefits and convenience of shared branching, fostering trust and loyalty.
Participation in Shared Cooperative Services is instrumental in enhancing credit unions’ disaster preparedness efforts. By leveraging shared branching as a reliable transaction alternative and maintaining proactive communication with Shared Cooperative Services, credit unions can ensure seamless service delivery to members, even in the face of adversity. Embracing these strategies not only strengthens the resilience of credit unions but also reaffirms their commitment to serving members’ financial needs, regardless of external challenges.
To learn more about how Shared Cooperative Services can help your credit union, email support@myscservices.com or call 866-231-0545, ext. 2181.
