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.
