Early in December, representatives from Kawartha Credit Union (KCU) made a presentation to Council following up on an earlier expression of interest in delivering banking services to the community through its Mobile Solutions Unit. Think of this unit as a branch on wheels in which in-person banking services are provided to communities which have lost their financial institution or where a current branch is temporarily unavailable to customers.
The 68-year-old financial institution has a customer base of 49,000 served through a network of 22 branches providing a complete range of online, mobile and telephone banking services. As a credit union, the firm’s corporate structure aligns their customers’ financial interests with those of the firm through a loyalty program through which a portion of the company’s profits are distributed to its customers.
In 2019, Kawartha Credit Union was the first in the province to offer their services through a custom-designed, mobile branch. The vehicle is equipped with an ATM and private offices where customers meet with staff to discuss their banking issues. The service provides a modern solution to rural banking challenges.
Township residents should expect to receive a direct mail solicitation in early March inviting them to visit this mobile unit which is expected to be temporarily stationed beside the Municipal Office. Visitors will also be invited to complete a short survey at the Municipal office to allow the firm to assess the interest in this service. One of the key issues they will be investigating is how willing residents are to switching from their current banking service provider.
If the firm feels there is sufficient demand, they plan to seek Council approval to add Millbrook to their mobile unit’s monthly rotation which could begin as early as May 2021. KG
