Finex Blog

To Our Valued Members from Michael Palladino, President & CEO

Posted by Michael Palladino on Mar 8, 2017 12:18:50 PM

Finex credit Uinion CT CEOFinex is subject to the trends driving most financial organizations;  Digital convenience is a must while branches are in decline.  In credit union land those not keeping up with technology continue to be merged out of existence.   

Here are the facts driving Finex to change and adapt to serve you better:

  • Branch teller transactions peeked at Finex in 2000 declining 30% since
  • Debit cards and debit transactions have tripled in that time
  • The number of loans made to members has steadily increased during this time
  • To keep pace with member’s basic financial demands we added home banking, bill pay, mobile banking, our own mortgage subsidiary, shared branch access, nationwide ATM access
  • New technology is required every year to keep up with cyber fraud and debit fraud
  • After the 2008 financial crises profitability declined and regulation has exponentially expanded

So where did that leave us? 

Needing to decide where to target resources to best serve the membership as a whole.  Failing to adapt by trying to be all things to all people is not possible.  We are migrating to be where you are; using debit and mobile, wanting the convenience of more hours, more drive through access, and keeping staff to personalize member contacts which are now dominantly through phone calls and email. In branch in person cash transactions are no longer the dominant member channel as they had been in the past.

When you look at the changes please know that we are adapting to keep the personal service touch for all the different member touch points.  Given the changes to our environment we are gratified that most members do see this just as they continue to see and hear the same friendly staff members serving them!  We value them just as we value you and have a great record of retaining key staff members.  

Thanks again for your support. 

For questions and concerns please contact president@finexcu.org

 

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