Retail Delivery Grows in 2019 & Must Adapt in 2020

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Retail banking across the world, including at credit unions, will see effects and changes brought about due to the coronavirus pandemic. With the loss in foot traffic to physical locations and increased remote work, institutions with well built-out digital channels can continue to provide value and financial resources to their membership.

At year-end 2019, before the pandemic hit, brick-and-mortar branches were continuing to grow at credit unions nationwide. Total branch counts increased by 113 over the past year to 21,225 as of December. Coinciding with branch growth, total employee counts also expanded. Total full-time equivalent employees (full-time plus half part-time) increased 3.6% year-over-year to 316,335. As of December, credit unions nationwide employed 304,247 full-time and 24,176 part-time employees.