COVID spending fever and other trends to plan for in 2023
Our experts bring you their best predictions.
Trends credit unions should be monitoring for 2023 include “COVID spending fever,” competition, deposit pricing, tax and insurance increases on escrow, and mergers.
COVID Spending Fever
One factor carrying over into 2023 is what CUES member Bill Vogeney calls “COVID spending fever.”
“There are people who are COVID-rich or want to be,” says the chief revenue officer of $9.3 billion Ent Credit Union, Colorado Springs.
“We’ve gone beyond the stimulus spending now,” he notes. That’s already spent or socked away. But many people are still spending like mad. Advances are up and growing on personal and overdraft lines. People are running out of money and tapping credit lines in unprecedented numbers.
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