FITCHBURG, Wis.-Summit CU has opened what it is calling an "Inspiration Branch".
Rather than go the traditional renovation route, Madison, Wis.-based Summit CU has created a branch it says is designed to inspire members to better visualize their dreams, whether those dreams be traveling, buying or renovating a home, or going back to school.
The Inspiration Branch uses theater-style sets and scenery to inspire members to think about those dreams. Sets have included a beach scene, a replica of the University of Wisconsin's Bascom Hall, a cross-section of a home-including kitchen and bedroom-and the Leaning Tower of Pisa.
The concept was the brainchild of Kim Sponem, president and CEO of the $1.8-billion, 128,000-member credit union, who said that the idea came to her after touring a local company that makes equipment for the film industry.
"That stuck with me-that, combined with the idea of how do we get people to take the time to think about what they want to do next?" she said.
Sponem asked an architect to draw up an example of how the idea could be realized, and it was presented to the board in late 2011.
"I'm not sure I shocked them, because I've always got things I come up with that are different," said Sponem.
The board approved the project-the branch was already due for an update-and the project was put into the budget for 2012. Construction took about three months, with the branch staying open during the process. Summit CU held a launch party for the Inspiration Branch in January of this year.
'Shock And Awe'
"Members have been in shock and awe," said Sponem, adding that some have said the branch feels "like Disneyworld" while others love that it's completely different from anything one might see at a bank. Sponem added that in the two weeks since the branch opened Summit Credit Union had already seen a $2-million uptick in loans over what it normally sees for January, as well as a $1-million increase in deposit volumes.
Construction cost about $400,000, with Sponem acknowledging a "normal" branch renovation would have been as little as one quarter of that amount. "But this is a concept branch, so we completely changed up the concept."
Employees are also part of the change. In mid-2011, Summit Credit Union moved to a "universal position" strategy where employees are cross-trained and can serve a variety of functions across the organization.
"This is different, to not have your own space and your own office," said Sponem. "Some people loved the idea. For those that it was not exciting for, they had plenty of time to transfer into another location." Only one employee made that transfer.
The Inspiration Branch is a pilot that SCU believes it may be able to export to other branches, though Sponem said the sets will stay as they are for at least 18 months before being swapped out for new façades or moved to other branches.
"The lesson for credit unions is just to keep innovating, keep piloting and see what works for you and your membership," said Sponem.
