Credit Unions And The Retail Experience

Six can't-miss data points featured this week on CreditUnions.com.

 
 

This week CreditUnions.com looks at the different ways credit unions are optimizing the retail experience, from teller technology to branchless banking.

Here are six don’t-miss data points for the week:

$65,000-$85,000

Personal teller machines (PTMs) connect live, remote tellers with members at a branch, allowing members to make transactions electronically via the interactive machine.

Benefits include reduced costs, increased efficiency, relationship building, and better security. Machines can cost between $65,000 and $85,000 per unit.

In "Teller Technology," we cover a list of objections for deploying PTMs and how to overcome them.

0

That's the number of branches that Lutheran Federal Credit Union operates. Chartered in 2014 and officially opened for business in early 2016, the credit union has posted 12-month share and loan growth of 1,068% and 4,302%, respectively, thanks to a nearly 1,800-person membership that primarily transacts online.

Learn more about how the credit union's embrace of an omnichannel approach has allowed it to operate a nearly branchless environment since its inception in "A Leap Of Faith In Branchless Banking."

8.14%

At second quarter 2017, Dupaco Community Credit Union's 12-month member growth of 8.14% outpaced the performance of its both asset- and state-based peer credit unions.

But branch transactions per household were declining in line with the national average. So when, in 2015, the credit union was opening its new branch, it opted not to focus on the transactional side of things. Instead, it opened a branch designed to solve its member's personal financial challenges.

Learn more about the credit union's concept in "It's Not A Branch, It's A Learning Lab."

39

Wright-Patt Credit Union provides in-person tutorials and a concierge desk to help members with their first PTM experience.

At Wright-Patt, what began as a 19-machine investment four years ago has expanded to 39 machines at hybrid and PTM-only locations, and the Ohio credit union has more than a few best practices for how credit unions should integrate these machines into their field of membership.

Learn how in "How To Take Teller Technology To The Next Level."

5

Retailers use sight, sound, smell, taste, and touch to their advantage every day. Credit unions can do the same.

Learn more in "5 Ways To Supercharge The Branch Experience."

13%

Reviews make up approximately 13% of the Google search algorithm. Reviews help search engines determine what results to return and are a major consideration for potential members. Reviews mean credibility and credibility is everything — especially when it comes to financial services.

But what if your institution is missing from search results? See why a total online presence now trumps corporate websites and slick branch locations when it comes to building credibility in “The New Front Door.”

Happy Reading!

 
 

Oct. 2, 2017


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