Catering to a Thriving Industry

Doom and gloom reels off economists' pens when describing the past two years of American economic development - or lack thereof. However, some of the factors that have hindered the economy as a whole have benefited the credit union industry. Credit unions have grown tremendously for two years and continue to raise the bar of net income expectations. With 2003 looking to have similarly high performance, credit unions should still be a strong target market for service providers.

 
 

Doom and gloom reels off economists' pens when describing the past two years of American economic development - or lack thereof. However, some of the factors that have hindered the economy as a whole have benefited the credit union industry. Credit unions have grown tremendously for two years and continue to raise the bar of net income expectations. With 2003 looking to have similarly high performance, credit unions should still be a strong target market for service providers.

The over-valued stock market of the late-nineties has since declined for three straight years as part of a sizable correction. People, no longer confident in stock market investments, looked for safe-havens for their money, leading them straight to insured savings accounts. These deposits in credit union savings accounts, promising small returns but no losses, have driven the double-digit credit union growth rates of the last two years.

Average Annual Share Growth of 14% for the Last Two Years
Boosted Total Credit Union Savings to $495 Billion

 

 

 

April 15, 2003


Comments

 
 
 
  • As a supplier, I find this "hard data" interesting, but not particularily useful. It confirmed what I already knew, but offered to "insight" that I might use to "cater to a thriving industry.
    Anonymous
     
     
     
  • Editor's Note: As we embark on trying to create a resource for credit union service providers we appreciate all feedback. This feedback reaffirms that there is interest in this type of resource and helps us determine whether we are on the right track as far as offering you the value that you want. Positive or negative, this frank interaction will help develop a resource that can truly help your business practices. Thanks.
    Anonymous