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.
