There's no doubt that mobile banking has been a game changer in the financial services industry.    However, given the amount of reporting done on the topic and the proclamations and predictions made, I can't help but wonder if its impact hasn't been over-stated.  With that in mind, I took a close look at the role mobile banking is playing in shaping the future of credit union facilities.

Time for a MakeoverWithin two years, mobile banking will likely become the preferred banking channel for consumers for quick transactions and access to basic financial sales and service questions. Yet, it's just one of several channels – online banking, 24/7 call centers, ATMs, in-branch self-service kiosks – that provide members with the ability to bank when, where and how they want.  This has resulted in the explosion of electronic transactions; the handling of which is probably the single most important factor driving change in the design and function of credit union facilities. Regardless of how or where a transaction originates, it must be received and processed somewhere to be completed.  In the face of the sheer volume of transactions, credit unions are beefing up their back office operations to support the exponential growth. Specifically, the headquarters is evolving into the omni channel epicenter that houses corporate operational functions and serves as a sophisticated retail communications and processing clearing house.

Evolving Role of the Branch Much of the media coverage surrounding mobile banking has focused on the seemingly imminent demise of the branch. The fact is the branch survived the introduction of various alternate channels prior to mobile banking. Instead of replacing the branch, these channels modified or enhanced the role of the branch adding convenient alternatives to complete transactions. While members certainly demand convenience, they also place a high value on personal visits to a branch to open accounts, solve a problem, handle a complex transaction or seek advice.