Portland, Ore. – Southwest Financial (Farmers Branch, Tex., $81 million; 9,200 members) planned to close its lone branch at its headquarters when Covid hit. Covid accelerated the branch closure and also sent employees home to work virtually. Now the credit union is never turning back.
“We went from 13,000 square feet to 3,000 square feet,” said credit union President Melanie Kennedy. “Today we have one person dedicated to go into the office for a week at a time. Their responsibilities are to check the night drop and handle any mail – those kinds of things.”
The key missing component in all this was a world-class digital banking platform to support this all-virtual environment. “I feel like we were falling further and further behind,” she noted. This led her to Tyfone’s nFinia omnichannel digital banking platform.
Of the credit union’s selection of Tyfone, Kennedy said, “We need a partner, not just a digital banking provider. We like their thought process and their partnership approach as much as we like their technology. Our digital banking is our branch, so we need to get this right.”
“Especially for credit unions with a small physical footprint, the move to all virtual makes sense – but only if there’s a solid digital banking platform to support that move,” said Tyfone CEO Dr. Siva Narendra. “We’re honored that Southwest Financial chose Tyfone to support this important initiative.”