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CUNA Research Reports

CU Snapshot

 Jun '17May '17
# of CUs5,911 5,922
Members
(millions)
111.7111.2
Total Assets
($ billions)
$1,378.8$1,369.6
Total Savings
($ billions)
$1,172.6$1,156.8
Net Cap.
Assets
10.6%10.6%
Loans to Savings79.6%79.9%
Loan Delinq.0.7%0.7%

         Credit Union Indicators

Monetize the Digital Channel

Use members' data more effectively.

Credit unions must use members' transactional and personal data more effectively to monetize the digital channel, according to a Javelin Research report, "Transforming Data into Dollars for Financial Institutions."

In addition to using data to underpin important services such as fraud detection and identity authentication, credit unions must provide members a personalized experience that offers multiple value-added benefits and cross-selling avenues.

"Going forward, innovative financial institutions will mine data to empower customers," the report states. "They will dispense relevant information, individualized insights, and actionable personal finance advice that enable customers to make smarter day-to-day decisions and achieve a greater sense of financial control as they bank, shop, pay, borrow, save, and invest."

Granite State Credit Union in Manchester, N.H., took a deep dive into digital banking three years ago. That's when the $334 million asset credit union introduced a comprehensive set of products such as person-to-person payments. Better online services improved member convenience.

Now, 20% of members use the mobile and tablet apps, built with responsive design. And a Granite State survey revealed a 4% increase in members who consider the credit union their primary financial institution (PFI).

"A large portion of those who now consider us their PFI are younger members, the exact demographic we set out to attract," says Michele Plaza, Granite State's senior vice president and chief information officer.