Ask tough questions before investing in new capabilities
To meet consumer expectations in the digital space, credit unions must think differently about their entire operation, not just technology platforms.
Credit unions kicked off 2018 on a solid note. Although loan and share growth rates were slower than six months ago, membership grew at a strong pace.
The movement recorded its largest-ever quarterly increase — 1.4 million net new members — during the first quarter. Loan originations hit $119 billion, a record level for the first quarter, and the loan-to-share ratio reached 80.7%. Capital is growing and asset quality remains sound.
As credit unions, larger ones in particular, post strong results, many are positioning themselves for long-term success. Credit unions have a history of evolving their business model to accommodate for changes in the financial services landscape. It’s only within the past 40 years that the industry introduced share draft accounts, credit cards, mortgages, and indirect loans. Today, these are staple offerings at many credit unions. Credit unions were innovators in shared branch and ATM networks. Today, delivery channels continue to evolve.
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