Credit union growth is showing signs of a slowing trend. The number of credit union members rose by only 800,000 in the first quarter of 2019, as opposed to 1.4 million in the same quarter in 2018, according to industry reports. The 3.7 percent growth rate is below the 4.2 percent for the year that ended in March 2018, and membership is projected to exceed a modest 3 percent by 2020.
Membership numbers are down, but most credit unions remain financially strong. Consumers dissatisfied with large banking institutions and their fees are turning to credit unions as an alternative for their savings, checking and lending needs. Credit unions in turn are offering their members more products and resources to enhance the banking experience.
You may be considering taking your personal financial business to a credit union but want to know if it is worth it. As you search around for your choice of the best credit union in Lake City, MI, here are some trends to watch for.
The number of credit unions making mobile banking available to their members continues to grow. Digital platforms have become the preferred way for many people to check their balances, and apps are allowing them to perform basic financial transactions like depositing checks and transferring funds. Credit unions are finding that a good mobile offering is the way to attract and retain members. You will want your choice of a credit union in Lake City, MI, to offer a satisfying customer mobile experience that is personalized, accessible and secure, just like the ones the big banks have.
New Lending Focus
Credit unions that had relied heavily on auto loans and other indirect lending that built their portfolios are shifting their attention to more organic loan growth. They are researching and offering services that current and potential members would find more attractive, like online loan applications and quick decisions. You will want to pay attention to this credit union trend to building long-term lending relationships.
Now may be the right time to look at becoming a member of a credit union. They are reaching out to newcomers who want financial advice without feeling overwhelmed. It isn’t all about employing digital tools to pursue the millennials; the generation before them that grew up during the financial crisis is more likely to make sound financial decisions. You can expect your choice of a credit union to work with you on a personal level, to understand your lending needs and savings goals and to fit your lifestyle.
Building the Branch
Credit union members visit branches about three or four times a year, so the institutions are doing more to enhance the branch visit experience. Shorter wait times, personalized assistance, and additional services are part of the goal of improving member satisfaction. The trend is to increase the value of the branch visit so members will visit more frequently for their banking business.
The best credit union in Lake City, MI, is one that is expanding its membership base, building a robust mobile strategy, focusing more on organic lending and working to make the branch experience more satisfying. Be aware of these trends, then visit your credit union choice to discuss membership and what it could do for you.