Credit unions this year stand to gain market share by remaining a critical lending source, creatively responding to narrow net interest margins and reminding consumers what makes them unique. However, credit unions will need to step up their technology and offerings.
“As the financial crisis recedes further in the rearview mirror, members will insist that their financial institutions be on the cutting edge of technological development,” notes Curt Long, NAFCU’s chief economist and director of research. He adds: “As difficult as it is to compete on rates, it will be important for credit unions to at least maintain parity with their competitors in terms of the range of financial products and services they offer.”
Long is one of several panelists from the Credit Union Economics Group who took part in a multi-topic Q&A session several weeks prior to the U.S. presidential election. The following are panelists’ responses based on their regional or national perspectives, with an opportunity to provide a brief update post-elections.
From the January-February 2017 edition of The NAFCU Journal magazine.