Chicago, IL (February 27, 2025) |
Alliant Credit Union has released its 2024 Annual Report, highlighting a year of record growth, technological advancements, and community impact. The fully digital credit union delivered over $493 million in financial value to its members, $926 per core member -far exceeding what they would have received at an average bank. Dividends paid to Alliant members also soared to $569.3 million, a 30% increase from 2023.
Alliant reported membership growth of more than 60,000, bringing the total to over 900,000 members (7% growth since 2023), entrusting the all-digital credit union with an additional $1.6 billion in deposits, bringing total deposits to over $16 billion (11% growth over 2023). The credit union’s total assets also increased by nearly 6% compared to 2023, while Alliant continues to have among some of the lowest operating expenses in the financial industry at just 1.24%. Alliant expanded its digital banking capabilities with improvements to mobile account opening and a redefined digital platform for increased security and accessibility. Efficiency strategies resulted in a 20% improvement in customer service operations. The Member Care Center improved call handling efficiency by 4.4%, resulting in 39,000 more successful member interactions. Additionally, the Member Care team dramatically reduced call times, giving 1.5 million minutes back to members. To simplify banking, Alliant introduced prequalification capabilities for credit cards and home equity loans, external funding for new certificates, and digital card integration with mobile wallets.
“2024 was a year of transformational growth and innovation for Alliant Credit Union as we continually work to wow our members. We are proud of the trust our members place in us as we deliver a seamless, rewarding experience enabling them to reach their financial goals,” said Ken Schaafsma, Interim CEO of Alliant Credit Union. “Looking ahead, Alliant is excited to provide unparalleled financial strength and find new ways to deliver even greater value to our growing membership.” As part of its mission to “do good” and support digital opportunity, Alliant launched its first Million Dollar Challenge in 2024, distributing over $1.6 million to fifteen organizations nationwide to bring digital opportunity to more communities across the nation. In the coming year, Alliant will be focused on continuing to disrupt the financial industry status quo by enhancing its digital member experience, optimizing financial offerings, and strengthening operational efficiency. Plans include re-platforming digital services, improved mortgage origination capabilities, and streamlined operations for business continuity and data security.