As more members are on the go, remote deposit capture is becoming increasingly popular among credit unions. This service expanded 6.0% annually, and 36.4% of credit unions reported providing RDC. The technology allows members to make deposits without stopping at a branch or ATM. Expanding this service is another way credit unions are increasing convenience and value for their members.
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Growing Earnings Through Different Revenue Streams
Dupaco Community Credit Union | Dubuque, IA | Assets: $1.6B | Members: 100,156
In 2015, Dupaco Community Credit Union opened a branch near a local community college in the western suburbs of Dubuque, IA.
Dupaco values its brick-and-mortar presence, especially in high-visibility locations. But in this suburban branch, Dupaco wanted to try something different. Its total branch transactions were up over past years and member growth was strong, but branch transactions per household were declining compared to the national average.
So, instead of opening a traditional transactional branch, Dupaco opened its first Learning Lab, a branch designed to solve a member’s personal financial challenges.
“If members didn’t like it, then they drive into town to conduct their financial business,” says David Klavitter, the credit union’s senior vice president of marketing and public relations.
The credit union planned its branch of the future with one question in mind: How can a branch act in a member’s best interest?
The answer was to create a location that relies less on transactions and more on conversations, a place where members come to work with the institution to solve their financial challenges.
Floor space is flexible and furnishings make the branch feel less like a credit union and more like a retail environment. In fact, learning labs have no traditional teller lines or pods. Instead, Dupaco operates eight ITMs across its three labs. However, credit union greeters do welcome members and make them feel comfortable in the new branch environment.
“We still need somebody to engage members and guide them to where they need to go,” Klavitter says.
Other in-person branch staff focus on conversations and financial counseling.
The result of Dupaco’s learning lab concept is “immediate Dupaco-ized engagement with members,” Klavitter says.
Additionally, the ITMs have allowed the credit union to expand operating hours in lab locations by one hour in the morning and one at night. The credit union is still looking for other ways to improve services in these branches.
“That’s why it’s called a ‘Learning Lab,’” Klavitter says. “Our members are learning about their money and we’re learning how best to help members understand their money.”
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