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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

For Millennials, Rates and Products Trump Customer Service

Don't lose members or potential members to alternative financial services companies.

Better alternatives from other financial institutions could sway 75% of millennials to switch their accounts, according to a recent Experian survey.

Nearly half of this group seek financial companies and services that better meet their needs, according to a personal finance survey of more than 1,000 consumers ages 19 to 34.

Incentives to change financial institutions include better:

"Millennials will abandon loyalty for better products and services, which is something the entire financial services sector should consider," says Guy Abramo, president of consumer business at Experian Consumer Services. "The pressure is on to keep innovating."

Fifty-seven percent of millennials are willing to use alternative companies or services that innovate to better meet their needs. Nonbank lenders such as Prosper and Lending Tree have brand familiarity with 39% of respondents, with 13% already using these services.

Nearly half of respondents report they would use alternative lenders that have easier application processes and more accessibility, rely less on credit scores, and are digitally savvy.

(Via news.cuna.org)