As credit unions are increasingly challenged to improve operational efficiencies while maintaining the same high standards for the member experience, many continue to reimagine their physical footprint. According to NCUA data, credit unions saw the most branch closures during Q1 of this year since late 2021. (Bank version: Over 300 U.S. bank branches were proposed for closure in just the first quarter of this year.) However, even as branches close, there is still a need for meaningful physical touchpoints to facilitate customer/member service and support.

This is where the utility ATM network has emerged as a strong option, an approach that involves plugging into a network of ATMs located within trusted retail locations, allowing customers/members to withdraw and sometimes even deposit cash from where they live and shop.  This model makes it possible to rethink the branch strategy without abandoning core customer/member segments. Through a utility network, credit unions can increase efficiencies while reducing complexities, extend their presence out into the community and support financial inclusion.

Branch transformation

Utility ATM networks enable credit unions to hand off their cash handling responsibilities to a trusted third party, relieving them of the operational costs and resources required to maintain and operate the machines. Plus, an expanded ATM footprint encourages customers/members to use convenient, frictionless self-service for simple transactions such as deposits, transfers, credit card payments and balance inquiries.

By offloading more routine, low value transactions to the ATM, credit unions can transform their branches from transaction to advice centers. The resources once spent on ATM management can instead be used to better attract, engage and retain customers/members, offering more personalized guidance for topics such as mortgages and loans. Such high value conversations not only help generate revenue but strengthen customer/member relationships.