Branch Transformation Comes Down to Cooperation

Collaboration at CUs.

From decades-old financial institutions to digital-native firms born on the internet, brands across industries are rethinking what it means to provide a truly great experience. Even as the economics of retail lend themselves to digital delivery, market leaders have identified in-person moments as an effective method for capturing consumer love and loyalty. It’s among the likely reasons Amazon has boldly entered the grocery arena with hundreds of Whole Foods locations, not to mention Amazon Go cashierless grocery stores.

While the rest of the retail world is coming back around to the idea that in-person engagement is critical, the credit union industry has largely remained steadfast in its commitment to providing the best in human-centric, face-to-face interaction for its member owners. Yet, operating physical branches is becoming increasingly difficult and costly, especially as credit unions face competitive pressure to transform them in tech-forward ways, integrating technologies like digital self-service, cashless ATMs and virtual tellers.