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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

Branches Provide Comfort

Members prefer branches for stressful and complex transactions.

Despite the growing use of mobile and online banking, consumers still visit physical branches at a relatively high rate, according to a Bankrate survey.

Nearly half of Americans went to a branch for personal business within the last month, and only 1 in 5 Americans went an entire year without making an appearance at a branch, the survey finds.

Perhaps even more surprising, the trends didn't change based on age demographics.

"No major distinction indicates which people are branch loyalists," says Dan Geller, behavioral finance scientist for Analyticom. "They're going to branches because of consumer financial behavior, not because they're younger, more educated, or have more money."

Consumers most often feel the need to go to a branch when making a more difficult financial decision, Geller explains. They certainly aren't going for the convenience, he says.

"When the level of financial anxiety increases, people tend to make more instinctive financial decisions, rather than analytical," Geller says. "So many want to physically be in the place where the money is. It gives them comfort seeing the place."

(Via news.cuna.org)