As credit unions discover the normal and routine activities of their members in order to better serve their lending needs, credit unions begin to consider branching out to fulfill those needs. Let’s look at whether or not should your credit union branch out?
Branching out allows your credit union to expand services to an area outside of your members’ home location, providing services as an extension of the main branch. Whether it is sharing a branch or opening your own new branch, here are some tips on branching out:
- Expand your credit union branching system so that members can access their accounts from any credit union office. This can be a more cost-effective approach of offering members the option to keep their membership open, once they move to that home location.
- Offer self-service options such as the use of ATMs, mobile check deposit, and automated phone services.
- Promote online, and provide app options such as online bill pay, direct deposits, online statements, wire transfers, loan applications, mobile banking, and more.
- Promote what you have by offering competitive interest rates, access to affordable credit, car loan specials, social media incentives, and more.
- Offer Shared Branch Abroad, so that your members feel like they do at home, using their credit cards at different ATMs or branches while traveling.
- Be available! Make sure that your hours of operation are flexible enough to meet your members’ needs.
- Take reasonable steps to ensure that your knowledge of members’ normal and routine business activities follow regulation requirements, by establishing a member due diligence procedure.
- Train your employees to follow general privacy policies and procedures regarding members’ information.
As your credit union employee fills out a membership application or a lending document from Oak Tree, your credit union will be compliant with regulatory requirements. Be confident that our forms will meet the industry standards to fully serve your credit union members.
One of the challenges of expansion is credit union awareness. To achieve a high level of consumer recognition, credit unions will need a more strongly recognized image (brand) and the ability to market the right products and services effectively. A key element of your credit union expansion would be to broadcast the services provided to the targeted consumer market and encourage them to join up. Oak Tree offers your credit union marketing services. Email us today for a quote at MarketingServices@OakTreeBiz.com.
Remember that since your credit union may be able to pool resources and centralize core tasks, you may benefit from cost savings, which can then be passed on to more members. Oak Tree will continue to focus on providing the great member lending solutions that we have prided ourselves in doing for 30+ years. Call us today to make your expansion process easier with compliant, mobile forms.
