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Well I am sorry I have not posted anything in about a month, however I am back with something which should bring about a spicy conversation. The question is what is more convenient for credit union members and bank customers/clients--local branches or a sophisticated internet branch? You can stop at one on the way to the grocery store or stop by one on your way to the kitchen. I believe this is the future of banking and will be choice for more and more people as they are introduced to banking in pajama's while watching the morning news or cartoons for some. The consumer wins in this scenario as community banks and credit unions now can be as convenient as the national banks but with the rewarding self gratification that you are supporting a local institution with local decision makers. I look forward to your responses and comments, we are now up to three so this blog is starting to really get popular!!
Signed a credit union member who now accesses financial services from home,
2 comments:
I truly believe that this is going to be the differentiator for financial institutions going forward. Studies continue to show that the number of in-house/teller transactions is declining even though the total number of transactions is growing, checks are being replaced with debit cards and bill pay, however many institutions still feel the need to carry the branches and staff for "convenience". My wife and kids all have checking accounts and none of them have checks and they still survive. All of there paychecks are direct deposited and the only time they need to make deposits at a branch are birthday checks from the grandparents or rebate checks from their liquor purchases. We even have systems now that can get you immediate credit on your mailed in deposits or business can scan checks for deposit and transmit to the FI. The problem is these systems cost money and it is going to be near impossible for the small FI's to afford to implement them. As they continue to fade away, the support for that local/employer/community connection will evaporate as the mergers continue to grow and grow.
Ahhh, the Godfather is back publishing posts on the blog of choice (for three people). Glad, to hear your comments and as always I must humbly pay respect to your comments. I agree with you however I believe that tech CUSO's will ultimately drive the online solutions for smaller institutions similar to that of Canadian CU's where CUSO's actually operate/manage the entire credit union. It is a touchy subject and very political when addressing the board of directors as well as management. May be a simple solution to the complexities of cost to reduce barriers with smaller financial institutions to do business with their respective communities. Needless to say, this will garner an unpredictable future of the financial services industry! Thanks again and look forward to the next set of comments from our growing BLOG community!
Signed a flattered credit union blogger,
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