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During the social and economic uncertainty of the past several months, members and non-members turned to their financial institutions for help. Second quarter data tells that story.
Decreased consumer spending and a pronounced pullback from indirect lending programs contributed to slower auto loan growth at credit unions in the first quarter of 2020.
Member service is of utmost importance for credit unions, and data from the past decade shows how a growing membership base has acknowledged and affirmed this priority.
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Virtually every credit union relationship metric is up over the past 10 years and market share has also expanded in all major loan categories. But the industry is increasingly deploying different operational techniques to further encourage stickier relationships.
Despite slowdowns in indirect lending and auto loan demand, auto penetration and market share remain strong at year-end.
Member engagement is on the rise as credit unions build on post-recession membership surge.
First quarter performance data points toward a rise in membership and loan and share balances.
Seattle and Washington, DC, are outperforming national averages in income and housing. But how do these markets fare in credit union membership growth and engagement metrics?
Takeaways from a survey on how 284 credit unions are interacting with the changing lending strategies arising from automated-decisioning practices.