Credit union branches—Still relevant in 2021?

As the pandemic accelerates the changing role of branches, credit unions must assess where they uniquely fit in.

As we enter 2021, it’s widely understood that COVID-19 was a major accelerator for digital transformation in banking. Credit unions’ most highly engaged members didn’t need a pandemic to push them into digital channels, but for others, it was a clear impetus to increase their comfort with remote deposits, online banking and other digital services.

Now the question remains. Will the digital usage stick, and what does that mean for credit union branches?

Understanding the Role of the Branch

The demise of branches has been predicted for many years, but just like paper checks, they continue to retain a place in financial services. At least pre-pandemic, there were a couple of key reasons for this.

 

continue reading »

More News