Technology is an indispensable part of business today, and its influence and importance are growing. Credit unions are not only adapting but also embracing technological innovation. Highlights from the 2010 Spending Survey illustrate the commitment. All survey data came from the 2Q10 edition of Technology@CU.
- Ninety-five credit unions representing more than $62 billion in assets (about 7% of industry assets) responded to the survey. Respondents ranged from $7 million to $5 billion in assets.
- Technologies that enhance member service and accessibility lead the types of investments; regulatory compliance is also a focus.
- Sixty-three percent of respondents indicated their credit union’s technology budget will increase in 2010 from a year ago, while 22% are maintaining the 2009 budget level.
- Technology-related expenses account for between 5% and 10% of total operating expenses in the median credit union respondent; the measure isn’t influenced by asset size.
- Fifty-one percent of respondents indicated they were “fast followers” when it comes to new technology. Three percent are “innovators,” and 20% are “early adopters.”
Technology Expenses as a % of Total Operating Expenses