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CU Snapshot

 Apr '18Mar '18
# of CUs5,7245,727
Total Assets
($ billions)
Total Savings
($ billions)
Net Cap.
Loans to Savings82.9%81.5%
Loan Delinq.0.8%0.8%

         Credit Union Indicators

At a Crossroads

Adapt to changing consumer preferences.

Expect a remarkable pace of change in financial services, says Mark Sievewright, Fiserv's president of credit union solutions.

"We're now at a crossroads," says Sievewright, who spoke at CUNA's Community Credit Union and Growth Conference, held jointly with the annual meeting of the National Federation of Community Development Credit Unions in late September. "Because there are so many megatrends converging at the same time, we're going to see a complete transformation of our business over the next 20 years."

The continued evolution of technology is perhaps the biggest trend, according to Sievewright. Mobile technology and the emergence of nontraditional players in the marketplace will put pressure on credit unions to adapt to changing consumer preferences.

Some of the new players, such as peer-to-peer lenders, already have made serious dents in the market.

"Lending Club is about to go past $12 billion in loans originated," Sievewright says. "If it was a credit union, it would be in the top 10 or 15 in the country."

Not every new product or new-age financial services provider will succeed, Sievewright notes. But it's clear more consumers now look to these alternative sources—and if credit unions don't acknowledge this trend, they risk becoming irrelevant.

(Via news.cuna.org)