SCOTTSDALE, Ariz. (8/21/14)--Member interactions with credit unions are shifting, and unless credit unions address those delivery channels, their future is at risk, according to research from Cornerstone Advisors.
In "Delivery Redirect: Start Now or Perish Later!" the credit union consulting firm details how the current operational and regulatory burdens may be clouding credit unions' vision of the year 2020--if they make it that long.
The report cited:
- The median number of branch teller transactions per month dropped 24% at mid-size banks since 2010;
- A third of all mobile phone owners have used mobile banking in the past year, and 38% deposited checks using their mobile phones, nearly double from 2012; and
- Lower branch traffic means fewer in-person opportunities for financial product purchases.
The report stressed that in preparing for 2020, financial institutions need to focus on migrating interactions and acquiring members instead of performing basic financial transactions.
Resources need to concentrate on the desired mix of physical and digital channels as well as the internal changes to redirect, support and leverage that model, the report added.