Alliant skyrockets to 600,000 members
The digital FI credits its focus on exceeding ever-changing consumer needs for its 20% membership growth since February 2020.
CHICAGO, IL (June 10, 2021) — Alliant Credit Union, a digital financial institution and one of the country’s largest credit unions and “challenger banks,” increased its nationwide membership from 500,000 to 600,000 in just 16 months, a 20% increase. Alliant is projected to continue seeing double-digit growth percentages throughout 2021.
The award-winning FI (financial institution) credits its rapid growth to a reimagined focus on member needs.
“Our digital model ensures that Alliant has a true focus on digital experience and one of the industry’s best cost structures. This allows Alliant to reward our members with industry-leading rates and products,” Alliant CEO Dennis Devine said. “Our advice to savvy customers is to shop! There is a better digital partner for you.”
“As a not-for-profit, Alliant is structured to provide outstanding value, not to generate stockholder return. Our members deserve the best in banking, which is why we pay among the highest savings rates and offer a 2.5% cashback credit card,” Devine said. “Alliant members can bank anywhere with access to over 80,000 free ATMs (more than the two largest banks combined), and they can count on savvy phone consultants available 24/7 – they’re real people, just like our members.”
In the direct banking industry, differentiation is one of the biggest hurdles for an FI, but Alliant’s differentiation is built into its core business practice: Putting members first.
“Everything we do is for our members’ success, and we’re all in! We’re here to offer the best solutions to help members achieve their financial goals. We’re here to pay our members the best returns and charge them the fewest fees possible,” said Jason Osterhage, chief banking officer. “It’s a better model, centered around the people who choose Alliant, and our members see that.”
As one of the largest credit unions in the U.S. with more than $14 billion in assets, Alliant expects to continue to grow rapidly as it focuses on its members and how to offer them distinct value.
About Alliant Credit Union (IL)
Alliant Credit Union is a not-for-profit financial cooperative with more than 850,000 members and nearly $19 billion in assets. Alliant was named one of CNBC's Top Credit Unions for 2023 and one of Money.com's Best Banks for America. Headquartered in Chicago and founded in 1935, Alliant is the largest credit union in Illinois and one of the largest credit unions in the United States. As an all-digital credit union, Alliant's mission is to provide members with a tech-forward banking experience coupled with consistent, superior financial value while simplifying and enabling how people save, borrow and pay.
