ST. PETERSBURG, Fla.–A unique credit union characteristic, shared branching, is celebrating the half-century mark.
Velera said it is celebrating 50 years of the Shared Branch network,, which it described as the “system that has transformed access to financial services for credit union members nationwide.”
“What began as a bold cooperative experiment has grown into one of the largest credit union networks, with more than 5,500 participating branches across the U.S., Puerto Rico and Guam,” the company said. “Through Velera’s Co-op Shared Branch network, members can complete routine transactions at any partner location, offering a convenient and seamless member experience.”
Support Provided
The CUSO said it helps credit unions participate in the network by providing the technology, operational support and payment solutions that make shared branch transactions efficient and secure, enabling credit unions to expand their footprint without the cost of additional branches.
“Shared Branch is one of the clearest demonstrations of the credit union difference,” Amy Evans, senior vice president, strategic solutions, said in a statement. “For five decades, credit unions have set aside competition to create a network that makes life easier for members. That spirit of ‘people helping people’ remains at the heart of the Shared Branch network today – fostering stronger relationships, increasing credit union revenue and enhancing member loyalty and retention.”
Research Findings
Velera added that with the ability to compete effectively with large bank networks, the Shared Branch network “demonstrates why physical access remains essential in a digital-first world. In-branch service continues to play a vital role in member trust and satisfaction, according to recent market research conducted by Velera in conjunction with Visa.”
It said that research found:
• Two-thirds of credit union members have visited a branch in the last six months, most often for large deposits, withdrawals or complex transactions
• Three in five members report facing situations where only in-person access could meet their needs – a gap the Shared Branch network directly fills
• Branches remain critical for building trust and loyalty, with members consistently rating in-person interactions more satisfying than digital-only experiences
Branches are Evolving
“Branches aren’t disappearing – they’re evolving,” Evans added. “Velera is committed to leading this transformation, making the Shared Branch network stronger, more innovative and ready to shape the future of member service.”
For info: For info: velera.com/shared-branch-network.
