BANKING WHERE YOU ARE: Granite Credit Union rolls out its mobile branch

Peri Kinder
The City Journals

As Granite Credit Union’s membership increased, discussions were held to determine how to bring banking services to more customers. Constructing brick-and-mortar buildings is expensive and the credit union needed a faster, cost-conscious alternative.

First, the credit union partnered with Rancho Markets, Walmart and Harmons Grocery, creating branches within those businesses. Then, credit union leaders came up with the idea to create a mobile branch that could go to customers without investing in property and buildings.

“We wanted to add brick-and-mortar branches, but we also looked at something that could be more cost-effective,” said Granite Credit Union CEO Mark Young. “The idea with the mobile branch was a couple of things. One is that if we’re remodeling a branch, we could have that on-site and use that as the branch. And then the other piece was kind of a bonus, as we were researching it, was that it would work as an after-recovery option, because of satellite communications and the technology that it had, we could serve our members from anywhere.”

GCU leaders spent the summer of 2022 researching the mobile branch option and finding a company that could build what they needed. In September of that year, they ordered the vehicle from MBF Industries in Florida. With a price tag of around $500,000, the Granite Credit Union Mobile Branch costs much less than a brick-and-mortar location, which can be more than $1.5 million, plus the cost of land.

The mobile branch is built like an armored vehicle, due to security concerns, and is outfitted with nearly a dozen cameras, motion detectors and stabilizer jacks. Customers can walk into the van and talk to employees, open accounts, apply for loans, get a debit card and do anything they could do in a permanent location. There’s also a walk-up window and an ATM.

Since getting the vehicle in July this, its testing phase has been a rolling billboard advertising the credit union. It will be used at city events throughout Salt Lake and Utah counties and will be placed in specific locations to give credit union members easier access to services.

For instance, the Granite Credit Union Mobile Branch was parked at Rancho Market in Provo to offer incentives to members as they introduced the concept. The credit union also has plans to bring the mobile branch to high schools in Granite, Salt Lake and Murray school districts on a rotating schedule, providing credit union resources to students and faculty.

“We’ve used it at a couple of events since we’ve had it, and I think people are really surprised when they see it,” Young said. “We’ve had really good responses and feedback. We haven’t had an official launch but we’re doing a lot of testing and serving those members and working out all the kinks.”

Granite Credit Union was founded in 1935 to create an organization for teachers within the Granite School District. Since then, it has expanded its membership and serves patrons in 10 counties throughout Utah. The mobile branch will be an extension of these services as the credit union evolves to reach more people.

“We’re hoping to get into low-income areas, and we’ll be driving the truck to events — like at Millcreek Common — and park it where they have food truck nights,” Young said. “Essentially, we’re trying to go to people to meet their needs, serve them, and hopefully we’ll publish a schedule where it’s going to be on our social media and website.”