How to analyze and optimize your credit union’s 2022 growth strategy
As the financial world fully embraces the digital-first approach, credit unions are unique in that physical branches still act as an important component of the growth strategy. Whether it’s seasoned credit union members valuing face-to-face interactions with tellers or younger members looking for personalized guidance in purchasing a first home, there will almost always be a place for credit union branch transactions—as long as there is a space. Let’s take a closer look at a few ways credit unions can incorporate the branch into your 2022’s growth strategy and optimize every square inch for maximum ROI.
Capture the 1,000-Foot View of Your Branch Network
If you take a helicopter up between 500 and 1,000 feet, you will still be able to recognize everything you’re seeing. However, you will gain a unique strategic view of it all. When it comes to optimizing your credit union’s branch experience, it’s important to start with the 1,000-foot view. In other words, the first step is to analyze your current credit union branch structure to learn whether each branch is meeting the needs of the community it serves. Here are a few questions you should ask:
- Why are members of each community using their local branch?
- What are the deposit and loan performances at each branch?
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