Credit unions throughout the U.S. can prepare for long-term growth by offering in-branch amenities such as coin counting machines in addition to their other services. With economic activity and optimism trending upward, these financial institutions have good reason to anticipate opportunities for expansion.
Whether from small-business owners who are feeling rejuvenated about their efforts to take out loans in support of their enterprises, or American consumers wanting to open up a new account, credit unions are experiencing a boost in activity across the nation. A recent article from the U.S. News and World Report cited data from the Credit Union National Association that said more than 96 million Americans currently hold memberships to these organizations.
The Hunstville Times, a newspaper based in Alabama, said a new report from the League of Southeastern Credit Unions and Affiliates revealed nearly 300 credit unions in Alabama and Florida increased their loan portfolios by a total of $900 million. This may be due in part to the fact that small-business optimism is on the rise. The National Federation of Independent Business recently released its latest Small Business Index, which rose 1.4 points between November and December.
As credit unions experience rapid growth, focusing on providing a quality in-branch experience for all customers will be a major key to success. According to the online publication Credit Union Insight, the managers of these financial institutions must constantly strive to achieve specific goals. Introducing a self-service coin counter on site is an easy way to boost membership totals even further. As more people visit the credit union to access these tools, they may be more likely to seek other services as well. This will come as a major advantage in the future, no matter how the economy continues to perform.
January 31, 2014