The Virtual Model: Dealing With Member Ghosts
(Members You Can’t See, But You Know They Are There)
Thursday | 1:15pm – 2:15pm
For years, credit union prognosticators have warned of the death of the brick and mortar branch, and of the virtualization of financial services. How will credit unions adapt to serving members they rarely, if ever, see face to face in a branch environment? If, in fact, credit unions continue to hang their hat on service differentiated from the banks, how will they demonstrate that to members they never see? At DCU, we built an entire virtual delivery system to serve members across the country. From account opening to loan closing, delivery is accomplished without paper. In this session, I discuss the unique opportunities and challenges tied to this future business model, as well as cover all the things credit unions must consider to do it well.
About the speaker:
Jim Kasch has more than twenty years business experience, most of which with credit unions. His roles range from teller to CEO. He spent more than ten years with Partners Federal Credit Union (formerly Vista FCU) which serves The Walt Disney Company, where he led marketing, business development, sales, and strategic alliances.
In 2010, Jim was hired to be the Chief Executive Officer for Darden Employees Federal Credit Union (DCU), chartered to serve the more than 200,000 employees of Darden Restaurants, Inc. In six months, he and his team built a primarily virtual delivery credit union offering a full suite of products and services. Since its launch, DCU has more than tripled its asset base, grown 6 times in loan balances, quadrupled income, and grown seven times in members served.
DCU’s unique business model extends to its robust relationship with its sponsor which positions the credit union as a business partner rather than only a service or benefit to employees. Nearly 90% of Darden employees are Gen X or Gen Y, making DCU’s field of membership one of the youngest and largest in the country.
In 2014, Jim helped orchestrate the merger between DCU and USF Federal Credit Union in Tampa, Florida. In 2015 he established his own consultancy.