GECU
GECU Neighborhood BranchSM Strategy - how it began and is successful, international recognition, and how it is helpful during COVID-19
What is your company’s current mission?
GECU aims to provide our community and members with the products and services that they need to pave the way to financial freedom. We bring our mission to life by elevating our community through many efforts, like investing in our team members, bringing innovative channels to our members, and supporting our community institutions.
What are your core product lines or service areas?
We offer a full range of products and services for all stages of life. The philosophy of the credit union is to return our profits to our members in the form of low to no fees and low interest rates, which are available in our competitive deposit and loan products.
Additional services offered to members include GECU Online Banking and GECU Mobile Banking, investment and trust services, and community development assistance. GECU’s ImagineU provides financial literacy tools like educational videos that are accessible through our website. We also offer onsite or virtual presentations and workshops to help pave the way to financial freedom for children and adults in our community.
Furthermore, we expand our support into the community through our community relationships. We are the official credit union of El Paso Chihuahuas, El Paso Locomotive FC and UTEP Athletics. GECU also leads VITA Tax Assist, a collaborative service with many community partners that provides free tax preparation services to the entire community — saving them millions of dollars in tax refunds each year.
The GECU Foundation also serves as GECU’s charitable arm, supporting education and other initiatives in our community. All of our products and services to the community support our mission to elevate El Paso.
Please explain an innovative idea that became reality.
We have an innovative leadership team and an all-volunteer board of directors. Our visionary President and CEO Crystal Long led us into our discovery of the newly introduced Interactive Teller Machines and the future of GECU. This innovation was the first of its kind in Texas and we brought our “personal tellers” straight to our membership.
Our GECU Neighborhood BranchSM locations allow our membership to visit more convenient locations throughout the city with hours that meet the needs of our community and their busy lifestyle. They can access personal tellers and also meet face-to-face with GECU team members. Our first GECU Neighborhood BranchSM opened in 2011 at Montwood Drive and Desert Sun Drive. Today, we have 31 locations serving our community including 18 neighborhood branches, with an additional location opening soon.
Since then, we’ve also expanded with virtual offices in neighborhood branches and in some of our traditional locations. The virtual office allows for a face-to-face conversation between members and loan officers. We also offer drive-up personal teller ATMs for members on the go. They can choose to use the machine as an ATM or see and speak with a personal teller without leaving their vehicle.
What operational or cultural challenges became apparent from the beginning?
The innovative direction that we were taking had us rethink our operational strategy. It wasn’t as simple as doing what we’ve done before and replicating it, but instead it was reinventing our operational processes. We’re humbled by this learning experience and happy that our members have fully on boarded to GECU Neighborhood BranchSM locations.
We listen and learn so much from our members. They asked great questions as they were becoming familiar with the new personal tellers. We received many questions and comments from across the city inquiring if our tellers were real people, if they were in El Paso, or even if they were located just behind the screen in front of them. We enjoyed that they were having fun while learning how simple they are to use.
How has your membership responded to the innovative idea?
We implemented our innovative strategy to serve our members and their feedback has been positive. The community also embraced the GECU Neighborhood BranchSM locations and we have since grown our membership.
We attribute our growth to the top member service that we provide and the accessibility of our products and services.
What is the difference between a GECU Neighborhood BranchSM and a traditional branch?
When it comes to service, there is not a difference between a traditional GECU location and a GECU Neighborhood BranchSM. We offer full services and convenient hours that meet the needs of our community and their lifestyle at GECU Neighborhood BranchSM locations and at our traditional locations. Our employees provide the same great service that our members have come to expect.
Also, our GECU Neighborhood BranchSM locations have served our members satisfactorily during this unprecedented time. Employee and member safety is our top priority. Our neighborhood branches, virtual offices, and remote channels have allowed us to remain open and provide a safe option for members to manage their finances.
What challenges remain to improve productivity?
We’re in an interesting time as all large firms face the “Amazon effect,” referring to the impact created by the online and e-commerce marketplace in today’s time. We cross-train our employees regularly and educate our members and community on the new innovative services and technology that are available to them through GECU.
What lessons have you learned from this experience?
Thinking ahead of the result goes a long way and prevents reworking processes. We are always learning and growing in everything that we execute. The impact on our membership is what is most important.
What advice would you give other companies considering an unconventional partnership?
Collaboration is a great asset to most businesses. When joining forces for a common goal, it is important to assess the capabilities of the firm, determine financial capital in the investment, and build realistic expectations for long-term economies of scale. There’s much more to consider that may be unique to your business. Stay educated and ask questions along the way.
Is there any other noteworthy information you would like to share?
In 2011, GECU was the first financial institution west of the Mississippi River to bring this patented technology into our locations. We’re humbled to have been featured on the international stage for innovation in Italy and England in 2015.
GECU also received the Branch Design of the Year Award in 2016 by CUNA (Credit Union National Association).
Furthermore, we have the largest fleet of personal tellers among community financial institutions and we are the largest producers of virtual teller transactions with an estimated 2.5 million transactions per year in El Paso.
