It all depends on whether you choose to carry on business as usual or embrace change as it happens. Unify Business Operations. This analysis can help to identify branch candidates for consolidation or downsizing and reveal opportunities to standardize and optimize the branch model. Some will continue to expand their branch network, while others will shift branch approaches by inserting more ITMs, creating drive-throughs, and designating the branch for more “hands-on” services. Multi-channel isn’t exactly a new concept for financial institutions, but it continues to feature prominently on banking and credit union trends lists because the meaning of multi-channel has changed in the era of technology. A credit union doesn't have stockholders, so it works to please its members. An ACU branch in the palm of your hand! However, we have seen more credit unions investing time and resources to become approved SBA lenders so that they can offer loans under the Paycheck Protection Program (PPP). Discover four principles of agile lending to evolve your CU and make better and faster lending decisions in risky environments. . Source: Shutterstock WEST Nathan Schmidt San Diego County Credit Union ($9.28 billion, San Diego), promoted Nathan Schmidt to EVP, chief experience officer … This shift from a for-profit to a nonprofit model changes the business focus from generating the most profits possible to creating the best customer service and support experience. Mastercard also reported a 40% rise in contactless payments, including tap-to-pay and mobile pay, during the first quarter of 2020 alone. Where do you begin? Annual membership growth increased 26 basis points year-over-year to 4.4% as of Dec. 31, 2018. Credit unions are constantly evolving to respond to member needs and the competitive environment in which they operate. CUSOs allow CUs to expand their products and services, and increase efficiencies through relationships with other cooperatives. Thus, branches will gradually become more consultative rather than transactional, and branch operations will become more efficient so representatives can focus on providing higher value services to members in the branch. Our deep industry experience can assist your credit union in addressing strategy, people, process or technology, creating a strong bottom line, engaged employees and a sustainable future. To do so, credit unions must invest in employee training and ensure branch design, roles, technology are aligned with this strategy. Some credit unions have been building out digital channels and enabling touchless payments via contactless cards and digital wallets for years.

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