Motown Gets Bank on Wheels

by Mercator Advisory Group 0

For the past few weeks, suburban Detroit has seen a new pair of wheels roaming its streets and taking the meaning of mobile banking to a whole new level. The Public Service Credit Union has launched a full service branch aboard a truck, making it the first mobile CO-OP Services shared branch in the country. The mobile branch contains many of the typical entities found in a more traditional banking institution including an ATM and a teller window.

“Plans for the mobile branch include festivals, events, schools and driving the branch to businesses the 24,000-member PSCU has partnered with on their paydays for employees to have easy access to financial services.”

In a city famous for their automobiles, this new and very innovative concept has great potential beyond Detroit. Literally mobile, branches on wheels would make it easier for banks and other financial institutions like credit unions to reach populations that are either underbanked or unbanked, not to mention benefiting existing customers.

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