A lot of us can remember the first time we went to a bank or credit union branch. The tellers greeted us with a cheerful “hello” before taking our extra cash and change for deposit or giving us crisp new bills to go out and spend. If we were lucky, we might have even left with a lollipop, too. It was a pleasant experience – one that we’ll likely remember for a lifetime.
Many of us can also recall a time when smart phones and Wi-Fi didn’t exist, when ATMs were less common – or not around at all, and when writing a check was the most convenient way to pay for groceries at the store.
Fortunately, banking technology has evolved, too. So now we can manage our finances in a way that is convenient and keeps up with our busy lives. In fact, it’s even easier to do your banking now than ever, even if you don’t have time to visit a branch.
Don’t believe me? Ask yourself a few questions: Despite those fond childhood banking memories, do you really need a branch office to fulfill your routine transactions? Do the limited hours and often not-so-convenient location of branches fit with your busy lifestyle? The last time you managed your finances, did you choose to do it in a branch over the comfort, ease, privacy, and efficiency of your home computer, tablet, or mobile device? Does having a branch down the street guarantee your money is any safer, that the service you’ll receive from staff is any more helpful and friendlier, or that your loan and deposit rates are any better?
My guess is that you answered no to most, if not all, of these questions. Branch location is no longer key in banking like it once was. You don’t (or shouldn’t) base your choice of financial institution on where your bank or credit union has its nearest branch, but rather what makes the most sense for you.
If you haven’t already, I want to encourage you to fully embrace PSECU’s digital-first model, which favors technology-based solutions over physical branch locations for anytime, anywhere banking. It’s an approach that has long made PSECU unique, and one that allows us to truly maximize the value we provide you, our member-owners.
Fewer branches mean less expenses. It’s common sense. Because we don’t have a branch on every corner, PSECU’s member-owners benefit from the money PSECU saves on what would otherwise be spent on buying and maintaining real estate, constructing buildings, and staffing transaction counters. At PSECU, we’d rather invest those resources in competitive loan rates, new and innovative technologies, financial support for the communities in which our members live and work.
Aside from the cost of operating physical branch locations, we believe you’re better served by having us focus on innovative digital solutions that allow you to manage your finances when and where it fits your busy schedule, with the comfort, ease, privacy, and efficiency of using a home computer, tablet, or mobile device. And if you ever need assistance, help is available. In online banking, you can use chat, or you can give us a call. Our Pennsylvania-based member service centers are staffed Monday through Friday from 8 a.m. to 9 p.m. and Saturdays from 9 a.m. to 5 p.m. (ET) with professionals trained to assist with almost every banking need that can be found in a traditional retail branch location.
A digital-first model is looking better than ever now, right? I sure think so.
Since the day we opened for business, we at PSECU have believed that a financial institution isn’t a building – it’s a partner in your financial well-being. That’s our vision, and our 900+ statewide employees are committed to achieving it each and every day. Even if you can’t see our smiling faces at a local branch office, you can take confidence in knowing that we have your best interest in mind and that we’re only a call or click away. We hope you’ll agree that our progressive, forward-thinking, digital-first operating model is just the way to go!
PSECU wants to help you keep your money where it belongs – in your pocket. It makes sense to skip the branch and use some of the cash you’ll save to buy your own lollipop, doesn’t it?
George W. Rudolph
PSECU President, CEO, & Fellow Member