According to the Credit Union National Association (CUNA), credit unions had a record year in 2015, with 3.7 million new members bringing total membership to 102 million — surpassing the 100 million-mark for the first time ever. This impressive growth is not surprising when you consider these three ways credit unions are excelling.
1. Creating top-rated apps
Banking is becoming increasingly mobile, as checks are now frequently deposited and money can be transferred via the convenience of an application on a smart phone. According to a U.S. Federal Reserve System Survey conducted in 2015, 51 percent of mobile banking users had deposited a check using a banking app in the previous 12 months, a 38 percent increase from 2013. CUNA reported in 2013 that mobile payments were growing at an annual rate of 68 percent. Credit unions have taken note of this trend and responded, producing eight out of the top 10-rated banking apps, according to a ranking by MagnifyMoney, a financial-product comparison website. The overall highest scoring apps were from Eastman Credit Union, ESL Credit Union, Redstone Federal, SEFCU and VyStar, all scoring 4.7 out of 5 points, where 5 points is a perfect user rating. To generate its ranking, MagnifyMoney collected user ratings from iTunes and GooglePlay for 100 apps from the largest U.S. banks and credit unions. Users are most interested in an app that serves the same functions as the institution’s branch or website, MagnifyMoney found.continue reading »