In 2017, Bay Federal Credit Union converted to Visa DPS for both its debit and credit card programs. The process made heads spin for a while at the 70,000-member institution, but since then transaction activity in existing products is up and the credit union is ahead of budget in interchange income. See why the credit union saw the conversion as an opportunity to increase internal efficiencies, how it can better act on member data, and what results its has noted to date.
Read More: "Credit Card Conversion Makes For An Intense Year."
In early 2013, Washington State Employees Credit Union was fighting a battle on two fronts: operating expenses were growing and income was falling. The credit union looked to its branching model to gain efficiencies and made the decision to migrate to a universal teller model. Since then, the credit union has saved $7.5 million in staffing costs.
Read More: "3 Branch Models. $7.5 Million In Savings."
Credit unions in the NCUA’s Southeast Region — Alabama, Arizona, Florida, Georgia, Indiana, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, and Tennessee — excelled in 2017. Of note, total annual auto loan growth for credit unions here was 12.6% versus 11.3% for the industry average, yet Southeastern credit unions charged off a lower percentage of their loans — only 0.55% — than did credit unions in other regions.
Read More: "Regional Performance Report: Southeastern Credit Unions."
Member growth at credit unions continued at a near record pace. Credit unions added 4.4 million new members and grew 4.1% in 2017. The member roster totaled 112,651,793 at year-end 2017. The lion’s share of those new members joined credit unions with assets that topped $1 billion.
Read More: "Members By The Numbers."
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