Question 1

What is POP Bank?

Accepted Answer

POP Bank (Kyyjärven Osuuspankki) is a member cooperative bank within the POP Bank Group, a Finnish financial group offering retail banking services to private customers and small to medium-sized enterprises. As part of Finland's cooperative banking tradition, POP Bank operates under a customer-owned model where members have democratic decision-making rights.

The bank is one of 18 independent cooperative banks that together form the POP Bank Group through the Amalgamation of POP Banks, operating as a single entity for regulatory purposes under a joint-liability scheme established on December 31, 2015.

Question 2

When was POP Bank founded?

Accepted Answer

The POP Bank Group was founded in 1997, though many of its member banks, including those serving the Kyyjärvi region, have roots dating back to the early 1900s. Individual cooperative banks that now form part of the POP Bank Group were founded between 1902 and 1933.

The cooperative banking movement in Finland emerged to address the credit needs of small farmers, crofters, and rural communities who lacked access to traditional banking institutions. These cooperatives were established to promote local economic development and provide accessible financial services to rural populations.

Question 3

Where is POP Bank headquartered?

Accepted Answer

Kyyjärven Osuuspankki serves the municipality of Kyyjärvi, located in the Central Finland region, approximately 120 kilometers northwest of Jyväskylä. Kyyjärvi is a small rural municipality with a population of around 1,155 residents.

The POP Bank Group's central institution, POP Bank Centre coop, coordinates the network of member banks across Finland.

Question 4

Where does POP Bank operate?

Accepted Answer

POP Bank operates primarily in the Kyyjärvi area and surrounding Central Finland region. The broader POP Bank Group network spans over 70 branches and service points located in demographically vital regions around growth centers of Western, Central, and Southwestern Finland.

The bank serves customers both through physical locations and comprehensive digital channels, including online banking and mobile applications, enabling service delivery throughout Finland regardless of geographic location.

Question 5

What services does POP Bank offer?

Accepted Answer

POP Bank provides comprehensive retail banking services including:

Day-to-day Banking: Payment accounts, savings accounts, bank transfers, e-invoices, direct debits, and payment cards (POP Visa Credit and Debit cards).

Lending Services: Home loans, consumer loans (Quickloan), student loans, car loans, and business financing. The bank maintains a low-risk loan portfolio with 92% backed by residential or other real estate collateral.

Investment Services: Investment funds, savings instruments, and wealth management solutions.

Digital Services: Award-winning mobile banking app (rated 4.8/5 in app stores), online banking with strong electronic identification (TUPAS protocol), online meeting services (POP Verkkohetki), e-signatures, and digital document services. The mobile app includes over 2,000 functionalities and serves approximately 40,000 daily active users across iOS and Android platforms.

Insurance Services: Non-life insurance products through Finnish P&C Insurance Ltd (POP Insurance), with integrated insurance sales capabilities within the mobile banking app.

Question 6

What makes POP Bank unique?

Accepted Answer

Highest Customer Satisfaction in Finland: POP Bank has consistently ranked first in customer satisfaction among Finnish banks from 2011-2013 and 2015-2022 according to independent EPSI Rating surveys. In 2022, POP Bank achieved the highest scores for both B2B and B2C customer satisfaction, as well as the highest EPSI Rating Sustainability Index scores.

Cooperative Ownership Model: As a cooperative bank, POP Bank is owned by its member customers who have democratic voting rights in decision-making through cooperative meetings and representative councils. This structure ensures the bank operates in the best interests of its local community.

Award-Winning Digital Innovation: The bank's mobile application achieved the highest user ratings on the market (4.8/5) and drove significant business results, including a 20% increase in insurance customers and contributing to a 126% profit increase following digital transformation initiatives completed in 2019.

Joint Liability Structure: Member banks within the Amalgamation of POP Banks operate under mutual liability, where POP Bank Centre coop and all member banks are jointly liable for each other's debts, providing additional security to depositors and creditors.

Strong Financial Position: The POP Bank Group maintains a very strong capital position with a CET1 ratio target above 17.5% and holds an investment-grade BBB credit rating from S&P Global with a stable outlook.

Question 7

What type of financial institution is POP Bank?

Accepted Answer

POP Bank is a cooperative credit institution (osuuspankki in Finnish), a specific type of financial institution deeply rooted in Finnish banking tradition. Cooperative banks in Finland are characterized by member ownership, democratic governance, and a focus on serving local communities and promoting regional prosperity.

As defined by the International Cooperative Alliance, it is "an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise." POP Bank is regulated by the Finnish Financial Supervisory Authority (FIN-FSA) and participates in the Finnish deposit guarantee scheme (FI_TJH), which protects deposits up to €100,000 per customer.

Question 8

How is POP Bank regulated?

Accepted Answer

POP Bank is authorized as a credit institution under EU regulations and Finnish law. The bank received its authorization on November 20, 2013, and operates under the supervision of the Finnish Financial Supervisory Authority (FIN-FSA).

As part of the Amalgamation of POP Banks established under the Act on the Amalgamation of Deposit Banks (599/2010), POP Bank Centre coop serves as the central institution responsible for group-wide risk management, corporate governance, liquidity and capital adequacy, and internal auditing. The amalgamation structure enables the POP Bank Group to operate as a single entity for regulatory purposes while maintaining the local character of individual member banks.

Question 9

What deposit protection does POP Bank offer?

Accepted Answer

Customer deposits at POP Bank are protected by the Finnish deposit guarantee scheme (FI_TJH), which is managed by the Financial Stability Authority. This scheme guarantees deposits up to €100,000 per customer per bank.

Approximately three-quarters of deposits held by the POP Bank Group are covered by the deposit guarantee scheme. The joint liability structure of the amalgamation provides additional security, as all member banks are mutually liable for each other's obligations.

Question 10

What is POP Bank's approach to sustainability?

Accepted Answer

POP Bank and the broader POP Bank Group have demonstrated strong commitment to environmental, social, and governance (ESG) principles. In 2022, the bank received the highest EPSI Rating Sustainability Index scores in the Finnish banking sector, based on customers' assessments of the bank's social, environmental, and economic responsibility.

The POP Bank Group has established an ESG working group that monitors legislation and reporting related to responsibility and prepares guidelines for the group. As cooperative banks, POP Banks have historically taken responsibility not only for economic values but also for equality, local communities, and environmental stewardship, reflecting the cooperative movement's core principles of promoting sustainable local prosperity.

POP Bank

in Finland 🇫🇮

Crypto-Friendliness

All done!

About POP Bank in Finland