Credit Unions
Discover Key Industry Benchmarks: Where Does Your Credit Union Stand?
November 4, 2024
Ever wondered how your credit union compares to industry peers? Understanding key performance benchmarks is essential for strategic planning and growth. Here’s a preview of some important metrics for credit unions:
Key Highlights from the Industry Benchmarks
Member Churn Insights
- Annual Attrition: Did you know that the average member churn rate is 12% annually? Understanding why members leave can shape your retention strategy.
Digital Engagement
- Digital Tool Adoption: 61% of members actively use digital tools for their banking needs. Is your CU meeting the demand for digital-first experiences?
Loan Trends
- Online Loan Origination: A notable 71% of loans now originate online, highlighting the importance of a seamless digital loan process.
Paperless Billing
- Enrollment Benefits: Credit unions that promote paperless billing can save between $18 – $27 per member annually. Are you tapping into these savings?
Want to See the Full Industry Benchmark Report?
These are just a few data points from the comprehensive set of benchmarks available. By downloading the complete report, you’ll gain access to:
- Detailed metrics on credit card balances and interest rates.
- Full insights into delinquency rates across various loan types.
- Deeper analysis of member deposit averages and digital account openings.
Discover how your credit union stacks up against these critical metrics and leverage the data to strengthen your strategic planning.
Download the Full Benchmark Report
