Coloradoans Thirsty for Financial Wellness See What’s On Tap

The concept behind the design of On Tap Credit Union’s two Colorado branches is fairly straightforward: When people are in a relaxed environment, they’re more open to conversing about an uncomfortable topic. In this case, the uncomfortable topic is personal finance, and ever since On Tap adopted its brewery-like aesthetic, talking about money can be just as fun for the credit union’s members as tossing back a cold one with their buddies (minus the actual booze, of course).

“Our purpose and mission is to make banking and finances unintimidating,” Janelle Herrera, vice president of marketing and business development for the $371 million, Golden-based credit union, said. “People worry and stress about finances, so we wanted people to come into the branches and feel the comfort of being at, say, their local tap room, to take the stress of finances away so we can really help them, and talk to them about their dreams and life goals without having them feel like they’re in a stuffy environment where they can’t relax.”

Founded in 1954 by eight Coors Brewery employees as Coors Credit Union, the credit union got its current name in 2017, the same year it moved its Arvada location from a strip mall to the site of a former motorcycle shop in Olde Town Arvada, about nine miles northwest of Denver. At that time, the credit union had just completed a remodel of its main branch in Golden, adding an “Innovation Pub,” a waiting area where members can relax and begin to research their financial goals on provided tablets; a kids’ area equipped with iPads and games; and a community room. The new Arvada branch was designed similarly but on a smaller scale, and given its location in a highly walkable neighborhood and near a light rail stop, it attracts a good amount of foot traffic, Herrera said.

The credit union’s support for and ties to its local community shone through in its choice of partners during the branch relocation and remodeling process, Herrera noted. The credit union selected local contractors, as well as worked with a Coors Brewery archivist and the Arvada Chamber of Commerce to incorporate historical touches such as old photos into its branch designs.

Inside each On Tap branch is a series of offices representing different product lines at the credit union, which help give members an immediate overview of what On Tap offers. Upon entering an On Tap branch, members are also greeted by casually-dressed branch employees (known as “service advocates”) and offered a beverage (a nonalcoholic one; however, new account holders over 21 are welcome to a buy one, get one free coupon to use at a local brewery).

Another unique feature included in both the Golden and Arvada locations is the community room – a multipurpose space used for events hosted by On Tap as well as local and visiting organizations. Herrera noted that a local hotel often refers groups to On Tap’s community room when its meeting spaces are booked, and that while a booking fee is only required for non-members, a $10 donation is recommended for member use of the room, which benefits On Tap’s scholarship fund. She added that in order to maintain security in the branches, the community rooms were designed to be accessed through separate, outdoor-facing entrances, allowing events to be safely held after the branch has been locked up for the day.

And, On Tap gives local businesses the opportunity to showcase their products and services to visitors of both branch locations via its retail walls. These spaces highlight one business at a time, and the owners of a featured retailer are asked to display items that visually bring their business to life, as well as special offers or samples for the public. Featured businesses, which are often On Tap business members, also receive a plug in the credit union’s email newsletter and social media posts.

“We want to make sure that our small businesses that bank with us succeed, so it’s really a good way to help them get the word out about their business,” Herrera said. “And our members love it because there’s something different there every time they come in. We recently had an organic soda company featured on our retail wall and members got to walk away with a soda sample.”

Like all modern credit union branches, On Tap’s two locations include several high-tech features to streamline and enhance the member experience. Each holds a welcome kiosk, which members can use to find answers to basic questions about On Tap and learn about upcoming events. The Arvada branch serves members via two Diebold In-Lobby Teller (ILT) machines – a more advanced version of an ATM that provides a human-like service experience – in addition to two real-life tellers. While the Golden location does not hold ILTs, four tellers plus a drive-thru window are there to serve members.

Member Driven Technologies (MDT), an IT CUSO in Farmington Hills, Mich., has played a large – albeit behind the scenes – role in managing the credit union’s branch technology. MDT onboarded On Tap as a client in 2016 with the Jack Henry Symitar core processing system, and the CUSO has since hosted a full suite of Jack Henry products for On Tap, according to MDT Senior Manager, Project and Consulting Services Tracie Loudermilk, who also noted that On Tap has greatly benefitted from MDT’s automated file transfer services from an efficiency standpoint from day one of the partnership.

MDT assisted with the rollout of On Tap’s Arvada branch by setting up connectivity between the new location and the credit union’s core processing system, providing hardware for ancillary services such as check processing, deploying the ILTs and setting up in-branch remote deposit capture functionality. On Tap has also taken advantage of MDT’s vendor integration program, which allows credit unions to choose vendors whose services they’d like to integrate into their core ­systems and have MDT assist with those integrations, according to Loudermilk.

“Their branding is part of everything they do, from their website to the terminology they use to how they market themselves, and even right down to how they know their membership is all centered around their branding,” she said of On Tap. “They’ve really taken it to an all-inclusive level, probably more so than any other credit union I’ve seen.”

Herrera pointed out that while On Tap’s branch traffic has returned to pre-pandemic levels, one service that has gone and remained virtual since 2020 is the signing of loan closing documents.

Denise van der Ster, client relations manager for MDT, shared statistics that demonstrated a continuing increase in digital banking use by the members of the CUSO’s credit union clients: Looking at the members of 18 MDT credit union clients, in the second quarter of 2022 an average of 46% of members were active users of digital banking, and in the fourth quarter of 2022, 49% were active users.

“I think that’s going to continue to be a trend, and it’s two-fold – you have the younger generation that continues to populate into the credit union as they become adults, and they’re already using the technology, but then you also have older members who are becoming educated [on digital banking],” van der Ster noted.

What’s next on the menu for On Tap’s branches? Potentially, video banking services – each branch was designed to hold space for a private room with a monitor that members could use to meet virtually with a specialist who isn’t available in person. While the service hasn’t been rolled out yet, Herrera said On Tap is ready to put it in motion should the demand and need arise. In addition, she said the credit union is looking to provide staff with tablets so they can move about the branch while serving members, versus being tethered to a workstation at a teller pod or in an office.

And based on the credit union’s event calendar, branch visitors can expect to find an atmosphere as lively as that of the hottest new brewery in town. In addition to hosting financial education seminars and a book club, on April 7 On Tap launched “First Friday Money Mingle,” which will take place at the branches from 10 a.m. to 2 p.m. on the first Friday of every month.

“We’ll highlight different topics and have freebies, giveaways and sweepstakes, and the goal is really to mingle and engage with our members, and educate them about their finances in a different way,” Herrera said of First Friday Money Mingle. “Your bank isn’t always going to be a destination, but because we are in these communities where people are walking by and we are a staple of the community, it’s a great way to make sure we are engaging with the community and add some excitement to everything that’s going on.”