First months of Coop Pank

Coop Pank, which entered the market last October, has now been operating for five months. CEO Margus Rink summed up how the bank did in these first months.

2017 was a significant year for our bank – we entered the market as the new Estonian Coop Pank, started offering new banking plans, greeted new clients, recruited more employees and opened new branches and banking points throughout Estonia. All of the bank’s service channels from branches to the Internet and mobile banks were given a makeover. Among all this, there were some important moments that made us particularly proud. We wrote down the most significant ones.

5,000 new clients
The number of Coop Pank clients increased by ca 5,000 new clients in a year, more than half of them came to us after the introduction of the new trademark in the last quarter of 2017. We have ca 37,000 clients and have created several new jobs to serve them. Today, Coop Pank has more than 15 branches and 23 banking points throughout Estonia and we employ over 200 people in total.

Become a client without leaving home
The legislative changes made late last year gave banks the opportunity to offer innovative solutions to clients – becoming a client via electronic channels. Coop Pank is still the only bank in Estonia to offer this option to clients. Becoming a member via electronic channels is easy and convenient for the client and the bank alike. It’s not necessary to visit a branch to become a client of the bank and all people have to do is identify themselves with their ID card or Mobile ID. It only takes a couple of minutes to do this, after which the client can immediately start using the Internet bank and we will post the bankcard to their home address.

Technology portal Geenius tested the options of becoming a bank client via electronic channels and found that the solution offered by Coop Pank was one of the best. You can read more about becoming a bank client via electronic channels here.

Free cash withdrawal worldwide
The clients of Coop Pank’s banking plans Rahn and Rändrahn can withdraw cash free of charge from all ATMs in Estonia, but clients with the Rändrahn banking plan can use this option with all ATMs worldwide. Rändrahn is a package developed for people who love to travel – they don’t have to worry about the charges payable for cash withdrawal when travelling. Our bankcards have been used in 40 countries during the five months, including such exotic places as Kenya, Laos and Costa Rica.

Well-known trademark
The survey carried out in January indicated that Coop Pank had become considerably well known during its short presence on the market. In terms of awareness, we’re in joint 4th and 5th places after large banks among the banks operating in Estonia.

The first thing people associate with Coop Pank is that it’s Estonian and then come accessibility and closeness in every corner of Estonia, modernity and friendliness. Coop Pank is associated with the shops of Coop Eesti and every second person who participated in the survey knew that Coop shops offered discounts to people who held Coop bankcards.

The most searched for Estonian brand in Google
In the middle of December, Google published statistics about the most popular searches by Estonians in 2017. The top of the list belonged to practical searches like renewal of ID card certificates, salary calculator and filing tax returns, and people also looked for information about different iPhone models and the fidget spinner, and about the Police and Border Guard Board. The most sought-after company or brand was Coop Pank, which placed tenth in the most popular searches of words or phrases. Since Coop Pank only entered the market in October, this shows that interest in the bank has been particularly high.

Challenges in 2018
The net profit of Coop Pank in 2017 was 4.5 million euros, which we will invest in the expansion of our activities. The most important goal of Coop Pank in 2018 is to increase our operating volumes and efficiency. We will continue expanding our operation and cooperation with Coop’s retail business. We’re planning to open a branch in Tõrva, Valga County, a number of new banking points in Coop stores nationwide and start offering cash withdrawal in all 350 Coop shops, i.e. at more than 1,000 checkouts.