Recently, I was contemplating the idea of what our credit union might look if we as an industry could start over. As a credit union board member, I have seen that board working on becoming more strategic with board meetings and finding ways to improve. This effort made me think about what we could change if our credit union could start anew. Of course, I want to start over with our current member and asset base. Is that reasonable? Probably not, but bear with me.
The branch equation
Where to begin? Probably with branches.
My credit union currently has three. Would it be better to go without any branches? Maybe we only need one or two? Research indicates people are using online and mobile access for most of their transactions. This same research indicates that members still want to walk into a branch when needed. People like to speak in person for more complex transactions and problem resolution. So while branches may be less important, many members still want to walk in when they feel the need. Figuring out the right number of branches is the big challenge.
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