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The Local Branch is Dead. Long Live the Branch!

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BY KELLY DURCAN

NEFCU’s Utilization of Technology Transforms the Corner Branch

Reports of the credit union branch’s demise have been greatly exaggerated. Indeed, one CU’s new branch is heralding not a death knell but rather a potential renaissance of the local branch concept. This case study illustrates how credit unions can infuse new energy into their branches despite protests to the contrary.

With just one look inside the sleek, clean and modern credit union branch that opened recently in Long Island’s Bay Shore village, it’s clear that the rumors of the local branch’s demise have been greatly exaggerated.

In fact, this smaller-sized, tech-heavy location from NEFCU (Nassau Educators Federal Credit Union) is a sign of the possible rebirth of the local branch concept. By utilizing user-friendly technology and smaller formats, credit unions are infusing new energy into their branches, providing greater member benefits and adding efficiencies to their locations.

Proof of this tendency is this latest NEFCU branch, which is half the size of a typical location and is considered one of the most digitally driven on Long Island.

Long seen as tired, bloated and out of sync with how today’s consumer interacts and transacts, the anachronistic local branch is being resuscitated by the likes of NEFCU and other forward-thinking credit unions that are turning to technology to create Branch Banking 2.0.

The 2,000 square-foot Bay Shore site is the prototype of all future NEFCU branches. It is awash in the latest technology, including a digital service center where touchscreen monitors enable members to get product information, download brochures and access a real-time digital rate board. Offering an uncluttered environment where branch employees are out front assisting members, as opposed to behind a desk, the latest branch from the local credit union aims to prove how less is more.

This content is for CU BUSINESS eMagazine , Special Deal: 2 websites , and NEW! The Leadership Team Builder Group Subscription members only.
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