Who Made the Top 10 Fastest Growing Credit Union List? Being a Top 10 Fastest-Growing Credit Union is an accomplishment to be recognized. In the last two years, persistent economic instability significantly impacted financial institutions. While some credit unions suffered through a turbulent phase, a few met and exceeded earnings and growth goals in 2021.
Credit unions take pride in serving their clients by offering a more personalized and customer-centric approach, often held in comparison with giant banks that operate based on inflexible rule sets. It is one of the reasons why the market size of the credit unions industry has grown 5.5% per year on an average in the last five years. (IBISWorld 2021)
List Credit: MX.com
These bottom-line results had little less to do with the pandemic and more to do with the adoption of the latest tools and technologies and futuristic strategies in place before the year began.
Pursue Bigger Growth
It’s no surprise that America’s fastest-growing credit unions are also high in their earnings. The larger the credit unions are, the more they gravitate towards introducing new technologies into their operations systems to attract and retain members.
New customers are more drawn to join these progressive credit unions because of offerings like digital banking, competitive rates on deposits and loans, quick loan cycles, and more. In the ever-growing competitive market, credit unions will have to continue improvising and adding new channels of technological innovation. They must make strategic decisions that impact their organizational structures and operational processes. The end goal is not just to stay afloat but to make impactful inroads to making positive change that churns business.
Standardize Operations for Scalable Growth
Once you have established that you offer great products and services that add value to the market, the next obvious step is to scale. Credit unions should standardize processes and drive a bigger revenue model using data optimization.
One of the ways to standardize is to regulate how the branch operates every day. Make sure employees are trained to use new technology tools. Change is hard, but internal support during a change is key. Documentation, training, and feedback are how change happens positively. Be sure your employees have buy-in and understand the benefits of the change.
Personalized Underwriting Strategies Using Expanded Demographics
Unlike big banks, many credit unions have a data advantage. They offer multiple banking products like checking and savings accounts, auto and RV loans, credit cards, personal loans, mortgages, and more. How are you using this information to vet the loan process?
Unfortunately, a broad-market consumer credit score doesn’t reflect the specific character of a credit union member’s good habits. Automation in the underwriting process is more sustainable because it looks at a bigger credit picture. Look at demographics outside of the credit score and lose multi-layered manual underwriting for optimizing this process. (Budzik 2020)
Convenience Rates High
Credit union members want the convenience of instantly making transactions through their mobile devices, especially with the loan process where it is customary to wait long hours waiting for a decision.
A McKinsey report concluded that credit unions using AI to automate processes and residual workflows witness over 50 percent improvement in customer service and productivity against those who do not. The highlighted advantages include saving both time and money. (Biswas et al. 2020)
If deployed strategically, AI and automation tools can eliminate mundane, repetitive tasks, allowing your staff to focus on more critical tasks that create efficiencies. The results of automation are more consistent with mitigated human error.
Machine learning and automation are being increasingly talked about as tools with credit unions. Automation can handle many tasks, including member onboarding, compliance handling, accounts payable, and fraud detection. Imagine having an automated centralized system to manage all these tasks.
Why is Haltner talking about how to grow a credit union? Because we know that decreases in employees and foot traffic means current facility models may no longer work for your business. We’re thinking ahead with you.
The actual growth of all credit unions lies in change. This significant shift in automation facilitates unparalleled control, accuracy, visibility, and growth among customers and stakeholders. Are you ready to join the Top 10 Fastest Growing Credit Unions?
If so, are you ready to look at your credit union operations with a renewed approach? We understand that sometimes the biggest challenge is not knowing where to start. We have facilities solutions that help you optimize tech. Haltner Design+Build can help you get the right balance of technology and brand visibility for clients by creating an elevated community resource for the needs of growing business and consumer clients.
How Haltner Design + Build is Different
Haltner uses 3D modeling digital technology to envision your renovation or facility build and make changes in real-time. We can even give you AR goggles to view your project with that includes a “fly-over”. Our clients love to be able to do this. Getting the big picture before we break ground is revolutionary and game-changing. Work with Haltner’s “under one roof” in-house team for seamless handoffs between architectural design, project management and construction tasks.
Connect with us at 713-523-6100 or visit haltner.com to create your action plan for upgrading facilities with optimizations for people and technology.
IBISWorld, Industry Stats. “Credit Unions in the US – Market Size 2002–2027.” IBISWorld, 23 Oct. 2021, www.ibisworld.com/industry-statistics/market-size/credit-unions-united-states/.
Biswas, Suparna, et al. “AI-Bank of the Future: Can Banks Meet the AI Challenge?” McKinsey & Company, McKinsey & Company, 19 Sept. 2020, www.mckinsey.com/industries/financial-services/our-insights/ai-bank-of-the-future-can-banks-meet-the-ai-challenge.
Budzik, Jay. “For Credit Unions the Time for Automation Is Now.” AI, 9 July 2020, www.zest.ai/insights/for-credit-unions-the-time-for-automation-is-now.