Welcome to 2017! This week, we continue our rundown of the best-of-the-best of CreditUnions.com in 2016 with a focus on mortgages, payments and technology, marketing, and cooperative strategy.
Here are four data points you need to know.
That's the amount of first mortgages credit unions held on their books at third quarter 2016, a $9 billion increase over the previous quarter, according to data from Callahan & Associates.
In 2016, credit unions used creative ways to serve new markets and members with mortgages, and they did so while surviving the first year of some dramatic document changes. See the five of the most popular mortgage case studies to run on CreditUnions.com in "Best Of Mortgage 2016."
For credit unions with fewer than $100 million in assets, those that offered mobile banking, remote deposit capture, electronic signature authentication, electronic bill pay, electronic member application, electronic loan application, and electronic share account application posted 3.37% year-over-year member growth. For those that offered only some or none of these technologies, member growth was negative.
To read the full story and others, check out "Best Of Payments And Technology 2016."
At third quarter 2016, credit unions spent, on average, $307 in marketing costs per net new member, according to Callahan & Associates. That's compared to the $324 spent at third quarter 2015. To see how credit unions made the most out of their marketing budgets this year, check out "Best Of Marketing 2016."
Firefighters First Credit Union opened Firefighter Insurance Services in 2010 and currently offers 4,800 policies from 10 different insurance companies. The insurance agency creates a reliable source of non-interest income for the credit union while providing members and non-members alike an essential product under a trusted brand. Learn why the Los Angeles-based credit union expects to push to $1 million per year in the not-too-distant future, as well as other operational strategies credit unions are using to reach their short- and long-term goals in "Best Of Cooperative Strategy 2016."