Yet, even the concept of branches is changing as the digital economy spreads. (He pointed out that even the big, global banks, such as Chase, are investing in smaller, local branches, underscoring the enduring appeal of physical spaces when it comes to financial transactions.) In addition, credit unions have a “commitment to having a physical space,” even as banking gets more digital, mobile and virtual. In a new PYMNTS interview, Sean Rathjen, president and CEO of Consumers Credit Union of Illinois, discussed with Karen Webster how CUs are embracing digital services without losing sight of their roots - an exciting, but challenging effort that promises to continue in the foreseeable future.Ĭredit unions are valued largely by what Rathjen called their “traditional products,” which include auto loans and savings accounts. Credits unions stand at that spot where a delicate balance of the physical and digital, the old and new, is vital for their prospects of survival. However, we are living in an era when the physical is giving way to the digital, when data is becoming a more valuable commodity than oil - and when an increasing number of consumers, including those who’ve displayed decades of loyalty to their local credit unions, are demanding more mobile banking products. That would seem to apply to credit unions (CUs), and to Consumers Credit Union of Illinois specifically, one of the largest CUs around, which has been in business since 1930 (before the Great Depression reached its worst depths). ![]() “You can’t teach an old dog new tricks” - so goes the dim, cynical saying.
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