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CU Snapshot

 Aug '17Jul '17
# of CUs5,708 5,893
Members
(millions)
112.7112.2
Total Assets
($ billions)
$1,372.1$1,383.7
Total Savings
($ billions)
$1,158.6$1,165
Net Cap.
Assets
10.8%10.7%
Loans to Savings82.3%81.5%
Loan Delinq.0.8%0.7%

         Credit Union Indicators

Threats From Fintech

Traditional financial services companies fear this new class of competitors.

Traditional financial service firms are feeling the heat from nontraditional competitorsóbig time.

Ninety-five percent of banks believe their business is threatened by standalone financial technology (fintech) companies, according to a PricewaterhouseCoopers survey assessing the rise of new technologies in financial services.

Overall in the financial services sector, 83% believe their businesses are at risk. And fintech companies anticipate they could capture 33% of the incumbents' business.

Respondents from the fund transfer and payments industry anticipate losing up to 28% of their market share to fintech firms in next five years, while bankers estimate they're likely to lose 24%. This compares with roughly 22% in the case of asset management and wealth management and 21% in insurance.

Two-thirds (67%) of financial services companies ranked pressure on profit margins as the top fintech-related threat, followed by loss of market share (59%).

(Via news.cuna.org)