Variable Ventures, a group investment think tank, held its first meeting in a new Summer Webinar Series. The group has several initiatives around challenging the norms within the credit union industry, and doing it collaboratively.
The first in the webinar series covered the perilous times ahead for any businesses relying on brick on mortar. With shelter in place and social distancing, school buildings, houses of worship, and restaurants were (and in some cases still are) closed for extended period. Even the venerable credit union branch has become valuable and expensive square footage, relegated to serving as an outpost for ATM, ITM and drive thru services. A significant chunk of credit union assets and employee overhead has become expensive signage on expensive real estate.
Credit unions joined the webinar for information on re-engineering their branch strategy. Variable Ventures was joined by Paul Parrish, CEO of One Nevada Credit Union, who told the story about how this $1B credit union strategically removed teller-based cash services and the number and footprint of branches more than 10 years ago.
To learn more about Variable Ventures, visit them at their website or contact Vic Pantea at 616‑285‑5177, x 121.