ECUC Interviews: USC’s Gary Perez Explains Why ‘Virtual is Vital’ for Today’s CUs…

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Holy smokes, USC Credit Union President/CEO Gary Perez just lit a fire under the feet of the entire audience at the ECUC Conference from his presentation: "Virtual is Vital." Gary explained and proved how important a virtual/digital/mobile presence is in today's consumer financial marketplace, sharing a number of telling examples his credit union has experienced the last few years.

One example he provided was his credit union spending $14 million on a shiny new headquarters/branch that 1,000 members use each day but only spending $3 million on a virtual branch that serves 70,000 members. Don't get him wrong -- branches still work, but virtual serves a vastly larger audience and should require a more significant investment to remain relevant in today's changing world of financial services.

But his virtual branch investment has certainly paid off, as 67% of all the credit union's lending is conducted through digital platform. He has even created a unique org chart just for the credit union's virtual branch operations. Thus, proving that "virtual is not our future; it's our present."

Other topics discussed with Gary include:

• Banking disruptor that looks much like a credit union you need to watch -- SoFi ($16 billion in loans funded in last five years)
• Your CIO is now your CLO -- or even your CEO
• Monetizing credit union data

Simply a fantastic talk with Gary -- one you have to watch because change is now and USC Credit Union gets it. If he's speaking anywhere on this topic, go see him. Enjoy -- and let us know your thoughts.