By paying a cooperative contribution to one’s own OP cooperative bank is the way to become an owner-customer. Such contribution entitles owner-customers to a diverse range of benefits and gives them the right to vote in the election of the Representative Assembly. It is a one-time contribution – no other payments or charges exist. Since 2014, our owner-customers have been able to make additional investments in their own OP cooperative banks by means of Profit Shares. An OP cooperative bank will pay annual interest on Profit Shares on the basis of its financial performance, thus channelling part of its good performance for the benefit of its owner-customers.
Benefits and OP bonuses for owner-customers
A significant part of business performance is returned to owner-customers in terms of OP bonuses that come from banking, non-life and wealth management services and that are used to pay service charges and insurance bills. Owner-customers also get discounts on and benefits from banking and investment services as well as insurance policies.
Owner-customers have access to specific owner-customer service packages, such as lower-cost daily banking services, a new long-term fixed rate home loan and the OP investment partner service. Owner-customers can also buy, sell and switch the majority of OP funds' units with no transaction costs. Moreover, OP’s partners provide owner-customers with various benefits through their products and services.
Owner-customers influence in various ways
In accordance with cooperative principles, owner-customers can, if they so wish, have an impact on the bank's decision-making and development of operations. Through their representatives in the bank's governing body, owner-customers can promote businesses and prosperity in the region.
Owner-customers can have an influence on the bank’s activities, for example, in the following ways:
- In the OP cooperative bank's governing body: The Representative Assembly is the highest decision-making body of the bank with owner-customers acting as its members. An owner-customer can run as a candidate for the Representative Assembly election and if elected, he/she can contribute to the bank's activities. Every owner-customer has the opportunity to vote electronically in the election of his/her bank’s Representative Assembly of the bank he/she owns.
- In digital communities: As a new channel of influence, many banks have introduced an owner-customer community, a digital forum where the bank regularly requests owner-customer opinions and feedback on various matters. Through the community, owner-customers can influence, for example, where the bank donates funds for charitable purposes.
- In product and service development: Customers can participate in OP’s product and service development in OP Helsinki's Vallila branch and online on our customer community Paja.