From the future of branches (maybe brighter than you fear) to the profound impacts Covid-19 may have on your credit union, this conversation with longtime banking analyst Bob Meara, now a senior analyst with consulting firm Celent, will get you thinking.
For starters, accept that very probably Covid-19 will work lasting changes on how your credit union does business – and very probably there will be growing acceptance of digital tools that will last beyond the pandemic.
Face to face as a primary interaction will lessen as a result of the virus, he said.
But Meara also is something of a branch optimist, especially regarding credit unions. Some mega banks are unquestionably over branched, he admits, but few credit unions are. What he sees is that many credit unions need to make progress in deploying branches more effectively as tools for relationship building.
Members don’t need branches for transactions.
But many still want them for relationships, advice, help.
Along the way, Meara tells why video tellers have been something of a failure, and also why digital only banks mainly have sputtered.
But he also talks about where credit unions need to play catch up – think digital transformation and, especially, digital account origination (opening a new account needn’t necessitate a branch visit!).