Key Takeaways:
- First Entertainment Credit Union has launched a new digital brand called CineFi, targeting entertainment professionals in the Atlanta area and Los Angeles County, California.
- CineFi offers a range of financial products and services, including round-up savings, high-yield checking and savings accounts, and early direct deposits, all designed with the unique needs of creatives in mind.
- The launch of CineFi reflects the shifting geography of the entertainment industry, with many professionals moving to Atlanta in pursuit of tax incentives.
- Digital sub-brands like CineFi offer financial institutions a quick and cost-effective way to expand their reach and follow their members to new locations.
Introduction to CineFi
First Entertainment Credit Union has launched a new fully digital credit union for entertainment professionals in the Atlanta area. The digital credit union brand, called CineFi, opened its doors to individuals living or working in either the Atlanta area or in Los Angeles County, California. Membership eligibility is also extended to members of the L.A.-based nonprofit Filmmakers Alliance. This move marks a significant expansion of First Entertainment’s services, which have traditionally been focused on serving film and television professionals in the Los Angeles area.
Building CineFi
First Entertainment built CineFi in partnership with the bank tech firm Nymbus as a digital extension of its current operations. According to Stephen Owen, president and CEO of both First Entertainment Credit Union and CineFi, CineFi is "a fully-functioning digital banking experience of its own" and is built off of First Entertainment’s 60 years of serving the entertainment industry. CineFi’s financial products and services are designed to meet the unique needs of creatives, including round-up savings on debit card purchases, high-yield checking and savings accounts, early direct deposits, and no account fees. The platform and user experience also support variable income, project-based work, and periods of inconsistent cash flow, making it an attractive option for entertainment professionals who often face unpredictable income streams.
Targeting the Entertainment Industry
CineFi’s target market is the entertainment industry, which is increasingly moving to Atlanta in pursuit of tax incentives. According to Owen, "Atlanta’s entertainment community has grown quickly, and many of those professionals don’t see themselves reflected in traditional financial institutions. CineFi is about meeting that demand and welcoming a new generation of entertainment professionals into the credit union space." By launching a digital brand, First Entertainment is able to quickly and easily expand its reach to this new market, without the need for a physical presence. This move also reflects the shifting geography of the entertainment industry, with many professionals leaving Los Angeles for Atlanta and other emerging entertainment hubs.
Expert Insights
Dylan Lerner, senior analyst for digital banking at Javelin, notes that the entertainment industry is geographically moving, and CineFi’s launch reflects that shift. "L.A. is losing a lot of business in the entertainment industry," Lerner said. "A lot of them are moving to Atlanta, as Georgia is making it more attractive for tax reasons." Lerner also highlights the benefits of launching a digital brand, which enables First Entertainment to more easily make the geographic jump from California to Georgia. "Digital is the quick way to expand your physical footprint," he said. "This probably would have taken them a lot longer if it meant boots on the ground, building a presence, hiring people in the area, visiting the area and acquiring branches."
Conclusion and Future Outlook
The launch of CineFi marks a significant development in the financial services industry, as financial institutions increasingly look to digital channels to expand their reach and serve new markets. As the entertainment industry continues to shift and evolve, it is likely that we will see more financial institutions following First Entertainment’s lead and launching digital brands to serve this market. According to Lerner, "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 financial landscape continues to change, it will be interesting to see how other financial institutions respond to the changing needs of their members and the shifting geography of their industries.
