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Credit unions have been on the forefront of change in the past few years as mergers and acquisitions have brought consolidation to the industry, and digital technology has amplified the way members can engage. So what’s ahead for 2016? Here are eight forecasts with suggested strategies.
Keep communicating – new members are still coming. Members continued to join credit unions at a steady pace in 2015, with overall membership increasing by 3.9% last year, according to CUNA Mutual Group. While most increases are taking place at credit unions with assets of more than $500 million due to organic growth and mergers, all credit unions should prepare to keep up with the pace of increased membership opportunities. Making your messages more understandable and accessible by putting them into easily viewable online videos is recommended.
Support the community with financial literacy. According to government data, U.S. consumer debt totals $11.19 trillion. People who are not financially literate are more likely to use high-cost borrowing options such as payday loans and check cashing centers, get in trouble with credit cards, and/or experience a foreclosure or bankruptcy. Credit unions can play a vital link in the financial health of a community by promoting financial education and low-cost lending options.
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