From Pymnts · PYMNTS · · 1m 10s
Credit Unions Shift Branch Focus
Credit unions turn branches into financial advice hubs as Gen Z seeks in-person guidance.
In brief
Credit unions turn branches into financial advice hubs as Gen Z seeks in-person guidance. 76% of Gen Z consumers act on personalized financial advice received in-branch, prompting credit unions to repurpose branches as advisory hubs. Originally reported by Pymnts.
Gen Z Financial Advice Preferences
28% of Gen Z consumers prefer receiving financial advice in person, compared with 46% who prefer online guidance.
“28% of Gen Z consumers prefer receiving financial advice in person, compared with 46% who prefer online guidance.”
Gen Z Action on In-Branch Advice
76% of Gen Z consumers say they will act on personalized guidance received during an in-branch conversation.
“76% of Gen Z consumers say they will act on personalized guidance received during an in-branch conversation.”
Credit Union Branch Repurposing
76% of credit union executives planning to repurpose existing branches intend to turn them into advisory hubs.
“76% of credit union executives planning to repurpose existing branches intend to turn them into advisory hubs.”
Branch Repurposing Strategy
64% of credit union executives enhance ATM capabilities to move routine transactions toward self-service while using branch space for financial consultations.
“64% are enhancing ATM capabilities, allowing routine transactions to move toward self-service while branch space is used for financial consultations.”
Gen Z Branch Usage Patterns
65% of Gen Z consumers prefer opening new accounts in person despite digital banking familiarity.
“Sixty-five percent prefer opening new accounts in person, despite their familiarity with digital banking.”
Branch Value Shift
Credit unions repurpose branches for financial guidance when in-person interactions lead to member action, reducing reliance on teller windows.
“For credit unions, then, declining dependence on the teller window doesn’t necessarily mean declining branch value. The Gen Z findings point to a narrower role for physical banking, with the branch earning its place when an in-person interaction leads to useful financial guidance and subsequent member action.”
What matters most
76% of Gen Z consumers act on personalized financial advice received in-branch, prompting credit unions to repurpose branches as advisory hubs.
