The Importance of Shared Branching for Credit Unions Across New York State

Patricia Daley

In an era of increasing financial complexity and technological advancement, credit unions in New York must continuously innovate to meet the evolving needs of our members. One of the most significant conveniences credit unions have is shared banking.
 
Shared banking, also known as shared branching, allows members of participating credit unions to conduct transactions at branches of other participating credit unions. Across New York alone, 71 credit unions currently participate in shared branching. This model not only increases the number of locations where members can conduct their financial transactions, providing greater convenience and flexibility but also reinforces the fundamental motto of credit unions—people helping people.
 
Here’s why shared banking is important to credit unions:
 
Expanding Access and Convenience: New York is home to a diverse population spread across many towns and neighborhoods. For many residents, especially those who commute or live in less densely populated areas, accessing their credit union branch can be challenging. Shared banking effectively addresses this issue by providing members with access to additional branch locations. Regardless of location, you can conduct your banking business with ease without the need to search for your home branch.
 
Enhanced Member Satisfaction: By offering a broader network of branches, credit unions can improve member satisfaction. Members appreciate the ability to perform transactions at multiple locations, which enhances their overall banking experience.
 
Competitive Advantage: Shared branching helps credit unions compete with larger banks by offering comparable access to physical locations. This can attract potential members who might otherwise prefer the extensive branch networks of big banks.
 
Community Focus: Shared branching supports the cooperative and community-oriented nature of credit unions. By working together, credit unions can better serve their members and communities, reinforcing their commitment to mutual support and cooperation. In the event of a natural disaster or other emergencies that might affect a credit union's physical location, shared branching provides continuity of service. Members can still access their accounts and conduct transactions at other participating branches.
 
Membership Growth: At the heart of the credit union philosophy is the idea of community and cooperation. Offering shared branching can be an attractive feature for potential new members, helping credit unions grow their membership base by providing added value and convenience.
 
Fostering Community and Collaboration: Shared banking exemplifies the spirit of the credit union philosophy by fostering collaboration among credit unions. By working together, we can provide superior service and resources to our members, which might be unattainable for a single institution operating in isolation. This not only strengthens individual credit unions but also enhances the overall resilience and service quality of the credit union network.
 
Shared banking is more than just a convenience. Shared branching is a testament to the power of cooperation and the enduring commitment of credit unions to their members. By embracing shared banking, we are not only enhancing our services but also reinforcing the core values of our movement. Together, we can build a stronger, more connected, and financially empowered community.

This is a link to all the credit unions in New York that currently participate in Shared Branching:
 https://www.universalsharing.com/credit-unions/who-s-in-the-network

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