Robert Cashman

As technology has continued to evolve, there have been many changes throughout all areas of life and business. Financial institutions have become accustomed to a digital-first environment, and many banking products and services reflect this growth. 

Despite many consumers opting for a digital-first banking experience, there are still benefits to maintaining a branch presence. Visiting a local branch and forming connections with staff for in-person assistance can elevate and improve the overall customer experience. Data from Forbes says despite the large percentage of people who prefer to bank digitally, “more than a quarter of Americans (29 percent) say they prefer to do their banking at a branch,” often due to “personalization and trust.” 

For credit unions specifically, having a physical branch presence can also be symbolic in nature. Since community impact and development are key pillars within the credit union ethos, having a presence in the communities they serve solidifies their commitment to putting communities first, as they physically become part of the community once they open their doors. The branch presence provides a chance to connect with neighbors the credit union can support in the future, through charitable donations and volunteering, representing the difference credit unions make to residents within their communities. 

The benefit of in-person banking at a branch is especially true when opening a new account or seeking financing for a large investment, such as a mortgage or car loan. The guidance consumers can receive in-person is more personalized and gives them the opportunity to have a dialogue with a trained professional, establishing a relationship that creates a comfort level to ask any necessary questions. With every visit to their local branch, consumers can foster a meaningful professional relationship with branch staff and create better financial habits. 

Customer Needs Take Different Tools 

In a community, there are many different types of people, all with different financial needs. Some individuals may prefer to manage their finances completely online, and the digital-first landscape of the current financial space means institutions have the products their consumers need to feel confident in overseeing their finances remotely. These digital products proved to be essential during the start of the pandemic and beyond, when leaving our homes wasn’t feasible. Other consumers prefer the experience they receive when visiting a branch in-person, often to experience the many benefits listed above. There are also consumers who enjoy a hybrid experience, with every day banking done online and larger investments or decisions made in-person at their local branch.  

Each of these experiences are valid and create a full landscape of banking membership. Financial institutions exist to support their customers every day, providing solutions which fit their lifestyle, and maintaining a branch network supports this goal. There are plenty of financial institutions closing their branch doors and shifting entirely to digital banking, but this method could impact their business in the long-term, as customers who prefer an in-person experience at any level may feel excluded. 

At the end of the day, individual support is the core focus, and the way in which each institution chooses to invest in their customers is up to their discretion. At Metro Credit Union, we are invested in meeting our members where they choose. Over the past four months, we have experienced a rapid branch expansion, increasing our branch network by 25 percent. We remain committed to creating a physical presence in our local communities, in addition to offering the latest and greatest digital banking options.  

Robert Cashman is president and CEO of Metro Credit Union.