Make The Most Of The Branch

This week, provides examples of credit unions modernizing their existing branching footprint as well as research detailing virtual and physical channel trends.

Branches exist to meet the needs of members, and as those needs change, credit unions will build more branches, tear them down, or remodel them to fit member expectations.

This week, provides examples of credit unions modernizing their existing branching footprint as well as research detailing virtual and physical channel trends.

Mountain America Credit Union has been losing cash since it began using analytics and forecasting software across its far-flung branch network. And that’s a good thing.

The big Utah credit union has reduced its cash inventories by 20% and customized its cash needs all the way down to specific denominations in the eight years since it began using the technology.

It’s been part of a strategy that has helped the credit union post better-than-peer results in metrics such as efficiency ratios and return on assets. And yet, it’s still learning how to optimize its understanding of and confidence in the system. Read more in A Strategy To Manage Cash And Serve Members by Callahan senior writer Marc Rapport.

Mobile payments, online loan applications, remote deposit capture, and more. The world of financial services is changing, with consumers demanding an array of products and services virtually as well as in the branch.

Even as the credit union branch network grows, online delivery channels are giving members 24/7 access to their finances. Yet, differing resources and member preferences mean not all credit unions are interested in implementing the same delivery channels and online transaction capabilities.

To see how in today’s world of same-day service and immediate gratification, 4 credit unions are using new delivery channels and transaction capabilities to exceed member expectation, read 4 Ways To Deliver A Superior Experience In The Virtual World by Callahan Associate Editor Erik Payne.

Data from Callahan’s Peer-to-Peer and Mortgage Analyzer tools reveals where credit unions are building out their branch networks and where they are taking locations away. Read more about this in our Graphic Of The Week, Branching By The Numbers.

Credit unions make financial services accessible and affordable for millions of members. That mission remains constant from credit union to credit union, from coast to coast, and even from country to country.

In late December, Pentagon Federal Credit Union opened its second Puerto Rico-based branch. The first, acquired through a merger with the former Fort Buchanan Federal Credit Union in 2008, is located on the military instillation and requires base access.

To see why the credit union opened its new branch and what technology it implemented, read How PenFed Improved Its Branch Experience by Erik Payne.

The future of the branch has been greatly debated and its death greatly exaggerated. According to Callahan & Associates’ annual Credit Union Directory, credit unions actually added to the number of branches nationwide by 2% in the 12-month period ending June 2015.

But the raw numbers don’t tell the whole story. Each credit union, in fact, has its own story, its own branching strategy, its own approach to high-tech, high-touch service that blends the old and the new. To read but a few of these stories, here’s How 4 Credit Unions Beat The Branch Doldrums by Marc Rapport.

Happy Reading!

February 22, 2016

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