The future of shared access*

What's after shared branching? Shared access!

[March 3, 2009]

Bankers shake their heads in disbelief that competing credit unions share systems and members, yet in just a few years the credit union's shared branching network has grown to 5,600 locations nationwide and in six countries. There's even 2,000 participating 7-Eleven^® Stores, including nine in the Spokane area, equipped with Vcom^® units that provide shared branching services, allowing you to complete your STCU transactions securely.

But for all the attention given to branches and stores that offer shared branching, it pales compared with the potential growth of "shared access," or the sharing of the credit union network with individual members to make transactions wherever and whenever they want.

"The market for shared access is enormous," says Steve Dahlstrom, president and CEO of STCU and chair of Financial Service Centers Cooperative Inc., the nation's largest credit union shared branching network.

"FSCC built a network that can share data with every credit union in the country. The revolutionary part will be when you can make a transaction at any credit union from wherever you are - home, work, on the beach - at any time of the day or night."

Dahlstrom expects significant new developments to emerge in the near future as credit unions provide shared access to the network. These may include:

• The power to scan a check at home to deposit it into your own account, eliminating the need to visit the branch or ATM.
• A national mobile banking network to access any of your credit union accounts from anywhere.
• Elimination of checks since all payments can be made by cell phone or Internet connection.
• Convenience store shared access machines to assist the underserved to deposit checks, to make overseas wire transfers, and to avoid high-priced payday lenders.
• Shorter teller lines at the branches, as more members use remote access or self-service shared branching kiosks.

"Shared branching is not a product, it's a solution," Dahlstrom says. "It's all about access."

*Normal fees for certain products and services may apply at non-STCU branches. Some participating credit unions do not permit shared branching transactions in the Drive-Thru. We recommend that you ask first about any potential fees before your transaction is processed at a shared branch.