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CU Snapshot

 Feb '18Jan '18
# of CUs5,7575,758
Total Assets
($ billions)
Total Savings
($ billions)
Net Cap.
Loans to Savings82.6%84.1%
Loan Delinq.0.8%0.9%

         Credit Union Indicators

Success in Payments

Pay attention to payments, or members might not pay attention to you.

When it comes to payments, you can't sit still.

Credit unions without a payments strategy risk becoming irrelevant, warns Glen Sarvady, founder and principal of 154 Advisors, in the new Filene Research Institute report "Turmoil in Payments: Keys to Credit Union Success."

"There's money to be made in transferring money, and some of the world's brightest minds want a piece of the pie," Sarvady writes.

The report suggests credit union leaders should assess these five areas of concern:

"Payment methods are a credit union's closest everyday tie to members," says Ben Rogers, research director at Filene. "If we get them right, we'll surf the wave of disruption. If we get them wrong, big banks and technology upstarts will quickly siphon away transactions, and then members."

This payments research explores collaboration opportunities, credit union digital wallets and leverage points for credit unions to stay on top of that change, according to Rogers.

(Via news.cuna.org)