98% percent of consumers have heard of credit unions, but 72% will not consider a credit union when making a financial decision. Why? Despite 115 million American credit union members and the highest satisfaction rate ever recorded by Consumer Reports, many consumers still are not sure how credit unions work.
Here in GVL, Greenville Federal Credit Union has been a top alternative to traditional banks for more than 50 years. The not-for-profit financial cooperative was founded in 1968 by nine local teachers, then granted a community charter in 2001 to allow anyone who lives, works, worships or attends school in Greenville County to join the credit union. Now, the credit union has 30,000+ members, five branches + $240 million in assets.
Here are a few ways Greenville Federal Credit Union is breaking down barriers between their customers + the financial institution; offering a more approachable + personalized experience than the traditional banking process:
- Removed traditional teller counters: To prioritize its members, the credit union positioned more of their representatives out on the floor to greet + guide members as they enter the branch.
- Reduced wait time: The on-the-floor staff immediately identifies the type of transaction needed and directs members to the area of the branch that best fits their specific needs.
- Rearranged floor plans: Branches have been reconfigured into specific areas designed to accommodate various transaction types for more efficiency.
- New Express Teller areas: These are intended for simple transactions like cash or check deposits and withdrawals, using a video screen + tube system.
- New Member Specialists hubs: For more complex needs, Member Specialists can personally assist members, face-to-face. Enclosed offices are also available for more lengthy or private conversations.
- Added tablets: Each branch has a waiting area that includes interactive tablets (like iPads) to give people access to simple joining or member account needs.
- Comfier common spaces: Each waiting area includes free WiFi, water and coffee (with new, gourmet coffee machines), plus Bloomberg Financial TV streaming on-screen.
- Members are shareholders: Profits they make are reinvested back into providing lower loan rates, higher deposit rates + fewer fees for member-owners – unlike banks who make profits to pay outside shareholders + directors.
