Now there is demand for cooperative ideology. The platform economy, for example, has features of cooperative ideology, as does the new networked way of working.

Iiro Jussila, D.Sc. (Econ. & Bus. Adm.), sees that modern cooperative ideology offers solutions to where the world is heading anyway.

“Google could just as well be a cooperative business”, he says and gives an example of an international company in which cooperative ideology could benefit everybody.

Jussila paints a picture of a MyData cooperative, where the people whose data is being collected could manage their data in a democratic way.

OP has outlined that it wants to work as a coach for its owner-customers in managing their personal finances. Using data to carry out this task is, according to Jussila, another great example of a modern way to implement cooperative ideology.

Cooperative ideology close to heart

Iiro Jussila, D.Sc. (Econ. & Bus. Adm.), is the right man to explain what cooperative business means as a type of business and how it differs from other types of businesses.

He is moving swiftly in the midst of various types of businesses: he leads his family’s investment company, Capital Six, spars the commercialisation of technology as a part-time professor at LUT University, teaches mission-driven business at Aalto University, and is a Board member of OP Uusimaa.

However, cooperative business is closest to his heart. Why?

“I noticed while studying economics that my view is much wider than the traditional business mindset. I felt that a business is not just in pursuit of economic interests. It is more comprehensive than that.”

“If you think about how people and society function, cooperative ideology is inline with my understanding of what types of organisations should be built to serve these needs.”

Mass power brings volume business

A cooperative business is recognised by the fact that a larger group of people owns the business and their ownership also has an operational aspect. Use of services is what makes it stand out from a limited liability company and a listed company, for example: normally customer relationship is missing from the equation in these companies.

“The ownership is not always understood”, says Jussila.

Traditionally, a small village had its own cooperative shop, cooperative bank and cooperative dairy. It was easy to understand that they were jointly owned and managed. Profits were divided based on participation among community members and allocated for the benefit of the region.

Currently, cooperative business is usually a multi-million euro industry, and its management is often further from the village.

Jussila explains that cooperative business has been volume business from the start. Mass power has given impact and effectiveness. Also, the history of OP shows that a central cooperative was established first, and small cooperatives close to people came about only after that.

Nowadays, people do not feel as close to their bank as they once did. One reason for this alienation is the stricter regulation in the financial sector. With it, the European Union and national authorities have a stronger hold of the banking sector and banks have grown in size.

According to Jussila, the size or geographic location of the bank does not determine whether people feel close to the bank or not. The key is how the bank manages to speak to its members. If customers realise that the bank is genuinely on their side, the bank has gained an emotional trump card.

That is why Jussila thinks it is extremely important to bring up ownership matters more actively, and the entire personnel should get training on cooperative system. Currently, also other companies apply cooperative ideas more extensively, so OP cooperative bank must ensure it is the best expert of its way of playing.

Use of services brings tangible benefits for owners

“At the core of cooperative business is the idea that, as a customer, the owner gets tangible benefits when using the services of the business they own”, says Jussila. “On the other hand, if they don’t use the services, they won’t get the benefits.”

The difference is great when compared to investor ownership. Whereas the priority for an investor is the return on investment, in cooperative business, the cooperative contribution is like an entrance ticket to benefits gained when using the services.

At OP Uusimaa, the cooperative contribution is one hundred euros. In return, owner-customers get discounts for banking services, insurances, saving and investing. It is no laughing matter: the total worth of the benefits was about 86 million euros in 2024.

Owner-customers can use the OP bonuses earned for the costs of various banking services. In 2024, OP bonuses accrued in the region amounted to 71 million euros.

When the bank is successful, it also benefits the owners. Last year, OP Uusimaa paid 40 per cent extra on bonuses when compared to the level in 2022. In addition, it did not collect monthly charges for daily services.

 Confidence that the bank exists for us

Finnish people, households, companies and, as a result, Finnish society, is the OP cooperative bank’s target group. The bank does not think about whether to remain in Finland or not.

“It has rooted here. We can be sure that we are the ones being served and for whom these operations are developed.”

Also, promoting wellbeing in the region is in the DNA of cooperative business.

“OP Uusimaa’s social responsibility is diverse and substantial”, says Jussila.

According to Jussila, the most important thing is how the bank supports the vitality in the region by providing people and companies with great banking services.

In addition, OP Uusimaa supported local projects across Uusimaa last year with over 1.8 million euros. The support was especially directed to promoting the wellbeing of children and youths, culture and to strengthening financial literacy and seniors’ digital skills.

Owner-customers give guidance to service development

When ownership is linked with using the services, it is a clear competitive edge for a cooperative business. It gets market information and guidance to develop its services and is able to serve its customers even better.

Jussila thinks that customers could be engaged in developing operations even more than at present, and innovation, service design and development could benefit from their insights.

Jussila would like to see even more open communication between the bank’s personnel and customers: that they would feel that they have a common cause.

One task of the Representative Assembly elected is to get owner-customers voice heard in banks. Jussila encourages people to think about becoming a candidate.

“The Representative Assembly acts as a feeler towards the owner community. With its governance choices, it creates opportunities for high-quality strategical decision-making at the bank. It is an important position of trust that requires the ability for constructive dialogue.”

Iiro Jussila himself has been a member of OP Uusimaa Board of Directors for 1.5 years.

“It has been a positive surprise that cooperative ideology lies at the heart of the strategy. The desire to provide the best banking services and financial coaching is visible in all operations and choices. The bank’s assets have been cleverly managed to benefit the customers. The development has been fast, but there are still many milestones to reach!”

Read more about Election of Representative Assemblies of OP cooperative banks‍