First Entertainment Credit Union Launches New Digital Brand for Entertainment Professionals
First Entertainment Credit Union has made a significant stride in the digital banking space by launching a new credit union brand, specifically designed for creative professionals. This digital brand, CineFi, caters to individuals residing or working in the Atlanta area or Los Angeles County, California, as well as members of the L.A.-based nonprofit Filmmakers Alliance.
CineFi: A Digital Extension of First Entertainment
First Entertainment is a Los Angeles-based credit union that has been serving film and television professionals for 60 years. Recognizing the shifting needs of its members, the credit union teamed up with bank tech firm Nymbus to create CineFi, a fully functioning digital banking experience tailored for the entertainment industry.
Stephen Owen, president and CEO of both First Entertainment Credit Union and CineFi, explains that the digital brand is about meeting the demand of the rapidly growing Atlanta entertainment community. These professionals, Owen notes, often feel overlooked by traditional financial institutions.
What Does CineFi Offer?
CineFi provides a range of financial products, including round-up savings on debit card purchases, high-yield checking and savings accounts, early direct deposits, and no account fees. Members also have access to approximately 33,000 surcharge-free ATMs and ATM surcharge rebates.
According to Owen, the platform has been designed to support the unpredictable income and inconsistent cash flow that often characterizes work in the creative industry. Additionally, CineFi offers financial education tailored to the unique career paths within the creative industry.
CineFi’s Impact on the Financial Market
The launch of CineFi reflects the geographical shift happening within the entertainment industry. Dylan Lerner, senior analyst for digital banking at Javelin, notes that many professionals in the entertainment industry are moving from L.A. to Atlanta due to attractive tax incentives offered by Georgia.
The introduction of a digital brand like CineFi allows First Entertainment to follow its members and their deposits, enabling a swift geographical transition from California to Georgia. “Digital is the quick way to expand your physical footprint,” Lerner highlighted.
Looking Ahead
First Entertainment’s strategic move could pave the way for other small credit unions to leverage digital sub-brands. Lerner concluded, “There’s an opportunity to strategize with digital sub brands… Even a small credit union like First Entertainment has the ability to do something like this.”
As the entertainment industry continues to evolve and professionals seek financial solutions that cater to their specific needs, the success of CineFi could signal a new trend in the banking industry, particularly for credit unions.
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