Credit union loan performance

June 29, 2017 by Guest Contributor

The State of Credit Unions 2017

In the financial services universe, there is no shortage of players battling for consumer attention and share of wallet. Here’s a look at how one player — credit unions — has fared over the past two years compared to banks and online lenders:

  • Personal loans grew 2%, but online lenders and finance companies still own 51% of this market.
  • Card originations at credit unions increased 18%, with total credit limits on newly originated cards approaching $100 billion in Q1 2017.
  • Mortgage market share rose 7% for credit unions, while banks lost share to online lenders.
  • Auto originations increased 25% for credit unions to 1.93 million accounts in Q1 2017.

Whether your organization is a credit union, a financial institution or an online lender, a “service first” mentality is essential for success in this highly competitive market.

The State of Credit Unions 2017