PHILADELPHIA–Ardent Credit Union has been granted a patent on its “Cube,” an expandable, small footprint branch.
According to ACU, the patent will protect the Cube’s innovative design, which allows a full-service branch to be placed into an existing building, such as office lobbies and shopping malls.
“We’ve noticed that even with the advancements in online banking, consumers are still looking for nearby in-branch access when selecting a financial institution. This is especially true when it comes to Millennials, as their financial needs continue to grow with age,” said Rob Werner, president and CEO of the $701-million Ardent Credit Union, in a statement. “The Cube is a perfect model of what can exist between the mobile phone and the freestanding corner branch.”
Ardent’s Cube is a 10 foot tall, 14 foot wide, and 14 foot long prefabricated structure the can be broken into three sections. According to the CU, the two end-sections expand on rails with the push of a button to create a 24-foot long branch. The structure is made out of plastic laminate with solid surface material as cladding and a steel plywood substructure. It can be staffed by two employees with space for a few members at a time.
Cube First Installed at Company
The first Cube was installed inside a location of GlaxoSmithKline in Collegeville, Penn. Ardent CU said the goal of the project was to create a full-service branch in a small GSK lobby space to serve the 3,000 employees at the company.
Ardent Credit Union said plans call for the sale of Cubes to other financial institutions seeking to add a location but at a low cost. ACU said the cost of the structure is approximately $250,000, and that construction time is considerably faster than a standard facility.
Ardent Credit Union has approximately 35,000 members.