Is the credit union movement ambitious enough?
Credit unions are different, and better. Consumers are catching on, but market share indicates untapped opportunity awaits.
Credit unions are different from banks. Most credit union members understand this.
Credit unions don’t have stockholders to distract management and skim off the profits. Instead of fixating on profits for stockholders, credit unions can direct all their attention to providing the best deal in retail financial services to their members. They are mission-driven institutions with a legal obligation to deliver value to members.
That’s one heck of a value proposition that seems to be resonating with consumers. According to first quarter data reported by Callahan & Associates during its quarterly Trendwatch webcast:
- Credit union market share of auto finance was 20.2% — an all-time high.
- Credit union market share of non-revolving consumer loans was 13.2% — an all-time high.
- Credit union market share of first mortgage originations was 8.9% — an all-time high.
- Credit union market share of revolving consumer loans was 5.8% — an all-time high.
- Credit union market share of consumer deposits was 8.9% — an all-time high.
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