By Ray Birch
COTTAGE GROVE, Wis.—When members arrive at one branch of Summit Credit Union here to talk about a loan, they don’t do so in the typical office space—instead, they meet inside an airplane, complete with typical airline seating.
That is just one of the unique spaces Summit CU has designed inside its two “Inspiration Branches,” which contain meeting spaces modeled on members’ life goals to motivate them to take action. The credit union believes the one-of-a-kind interiors have contributed to its strong member and asset growth.
Members who aren’t looking to fly have other options. Those members who are considering opening a new enterprise can sit down inside a comfortable diner and chat about a business loan. And those dreaming about a new home can discuss options inside a house that’s under construction.
Summit CU opened its first inspiration branch in Fitchburg, Wis., six years ago, and, as CUToday.info reported, opened its second in April at its new headquarters here.
The objective of the offices, said CEO Kim Sponem, is to inspire members to achieve their goals and dreams.
“As kids, we dream about what our lives will look like when we grow up, but we often lose touch with that outlook as we get older and busier,” said Sponem. “The Inspiration branches are designed to inspire adults to pause and think about their goals and dreams, while we help them create actionable plans for the future.”
Creating a Buzz
Sponem said the offices have “created a buzz” in their communities.
“People love to hang out in them,” she said. “It's great to inspire people to think about their dreams and their goals and aspirations. It’s nice to remind them and get them to say, ‘Oh yeah. I really did want to do this at some point.’ We are putting those memories back into the forefront of members’ lives. Then we work with them, with financial counseling and planning, to help them get there.”
What the unique settings inside the two offices do best, Sponem said, is spark conversations.
“Our staff just have a much easier time getting members to think about their plans for the future,” said Sponem. “These offices provide great lead-ins to conversations about member’s financial situations and how the credit union can help members achieve their dreams. The conversations just flow well inside these offices.”
More Costs, But More ROI
Sponem said the Inspiration Branches certainly cost more to construct than a standard branch, as much as one-third more, but said the ROI is evident, adding it’s too soon to measure return from the newest Inspiration Branch, but said the Fitchburg location has been paying off big.
“The Fitchburg office has drawn a lot of attention from the community,” said Sponem. “People come in and they tell all their friends and family about it. The Fitchburg office was remodeled into an Inspiration Branch. So before we made the change, loan growth at that office was 2.5%, and in the six years as an Inspiration Branch loan growth has averaged 11%.”
Membership growth at the location, as well, has increased, moving to 4% from 0.6% annually.
“The Fitchburg branch is now one of our busiest branches among our 38 locations,” said Sponem.
Future Plans
The CEO said Summit does not have plans to build out a significant number of similar Inspiration Branches, as that would eliminate the novelty.
“I do have another location in mind, and when it's time to remodel that office we will put in an Inspiration Branch there,” said Sponem. “We’ll see how this newest office goes, and then make decisions on how many more we might add in the coming years.”
Sponem estimated that an Inspiration Branch requires approximately 3,000-4,000 square feet, explaining the unique architecture doesn’t require much extra space, as they are meeting rooms that would have already been in place.
“It’s just the office facades that take up more space, and you do need to have high ceilings,” she said.
Surprise for Members
While member reaction to the offices is always positive, Sponem said some can be surprised at first by what they see.
“Some people walk in and ask if they’ve come to the credit union, is this the right place,” she said. “But our staff are well trained to work with members right on the spot and explain what the Inspiration Branches are and how we can help them.”
People are really intrigued by these offices, emphasized Sponem, who said the offices’ “wow factor” can be just what’s needed to get members to pause.
“We're so busy in life that it's truly difficult to pause to think about what do I want to do in the coming years,” noted Sponem. “The key is how do you get members to pause, and these offices do that. It's about getting people to take a deep breath and think about things. Yes, it does come with an initial cost for us to do that with these offices, but well worth it given the return.”