Are you ready to SAVE at your bank or credit union?

Posted: September 30, 2015    |   Andy Roeder

Recently, the TODAY Show featured a short segment showing how to save the life of a heart attack victim. The segment opens with security camera footage of a man collapsing from cardiac arrest while interacting with a bank teller. The footage shows an all-too-real depiction of just how dramatic a cardiac arrest is…unconsciousness, no pulse, no breathing. Just like that; from alive and well to near-certain death. Jeff Rossen asks “Would you know what to do?” Knowing what to do, and having the proper resources, can improve a cardiac arrest victim’s chances of survival from 6% to over 70%!

Segments like the Rossen Report reflect a growing awareness about cardiac arrest and just how easy it is to make the difference and save someone’s life. A Harris Poll earlier this year asked consumers where they expect to see Automated External Defibrillators (AEDs). Overall expectations jumped 13% and more than half of the location types showed double-digit increases. Banks / Credits Unions posted the largest year-on-year change with a 33% increase. One in three people now expect to find AEDs at their Bank or Credit Union and about one in two people expect AEDs in Their Workplace (a 19% increase in expectations year-over-year).

Andy Table

Indicators are that both Bank/Credit Union employees (represented by the growing expectation in Workplace locations) and customers (represented by the growing expectation in Bank/Credit Union locations) expect AEDs in those respective locations.

While cardiac arrest can happen to anyone, it does correlate with age and the workforce is aging with the baby boomers. According to Monthly Labor Review, workers over 55 were up 61% from 2000 to 2010 and they are forecast to jump another 38% by 2020. On top of the obvious humanitarian benefits and workforce morale gains, saving a life in the workplace provides an economic benefit of more than $2M (per estimates from the National Safety Council and Centers for Disease Control), and even with a cardiac arrest incident rate of just .005% the ROI on an AED program is 113% (a subject for a future blog).

For customers that visit your retail locations, the brand benefits are obvious. Imagine the extreme outcomes that can result if a customer has a cardiac arrest at your branch…the person dies…or the person is saved. The brand perceptions can be equally extreme depending on the outcome relative to expectations. With the challenges brought about by internet banking, the ‘branch experience’ is more important than ever. While Omni-Channel approaches that incorporate internet banking are the trend, recent statistics from “State of Banking 2015”, published this month by timetrade reveal that branches still play a critical role for banks and credit unions:

  • 74% of all consumers visit their branch at least 5X per year
  • 67% of Baby Boomers prefer branch interaction
  • 48% of Baby Boomers visit their branch more than 10X per year

Bank and Credit Union branches are vital parts of the communities they serve, and providing a safe environment is certainly a core tenet of the branch experience.

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