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CUNA Research Reports

CU Snapshot

 Apr '17Mar '17
# of CUs 5,926 5,953
Members
(millions)
111.2110.7
Total Assets
($ billions)
$1,381.2$1,374.7
Total Savings
($ billions)
$1,161.4$1,163.6
Net Cap.
Assets
10.4%10.4%
Loans to Savings79.3%78.2%
Loan Delinq.0.8%0.7%

         Credit Union Indicators

Platform for revolution

An introduction to the 2016-2017 CUNA Enviromental Scan Report from CUNA's vice president of market research.

This year's Environmental Scan (E-Scan) curates the significant trends influencing the credit union and financial services industry, delivering perspectives from experts and practitioners.

You'll notice many recurring themes, such as the rapid advance of disruptive technology, the increasingly oppressive regulatory environment, and the improving economic outlook.

The gestalt of these regulatory, technological, social, and economic opportunities drives the disruption responsible for the industry's significant transformation. Organizations that leverage these opportunities will bypass incremental shifts in their business model and realize revolutionary change.

For example, the "modern" finance company known as Social Finance Inc., or SoFi, quickly scaled to more than $8 billion in loans through a mash-up of social networks, crowdfunding, predictive analytics, improving economic conditions, and technology. The whole of these parts enabled SoFi's expansion through an entirely different business model—the platform.

SoFi and other financial technology startups don't necessarily provide funding to their customers. They provide the platform for others to do so, facilitating interactions between consumers and producers. Their value comes from the number of users and interactions. They've revolutionized the business model.

Maintaining the status quo is no longer a sustainable business model. Your competitors are more agile and focus solely on innovation because they have no legacies to defend.

Joining the revolution requires organizational transformation. You'll need to calibrate your mindset to that of a smaller, newer, and nontraditional competitor. And you must be hungry, curious, and devoted to upsetting the status quo.

Revolutions grow not in the C-suite alone, but through full organizational participation and ownership, which infuses diverse perspectives and work experiences into the strategic planning process.

Leverage the full capacity of your credit union's brainpower, and the trends presented in this year's E-Scan, to create your own platform for revolution.

KRISTINA GREBENER is CUNA's vice president, market research. Contact her at 608-231-4287.

The 2016-2017 CUNA E-Scan report is available instantly to Complete subscribers and also available to purchase separately.