Press
No more cost cutting, 2014 is the year credit unions need to grow revenue
MADISON, WI (January 10, 2014) — Filene Research Institute and Aite Group announced today a research partnership to explore how credit unions will drive increased revenue. Ron Shevlin, senior analyst at Aite Group, will guide the project.
Filene and Aite Group are asking credit union CEOs, CFOs and other finance professionals to complete a survey on how their credit unions are addressing the revenue imperative. Responses are due January 17. Filene will share a complimentary copy of the report with survey respondents.
After three straight years of declining revenue from 2009 through 2011, the credit union industry saw an increase of revenue in 2012. But revenue increased by just 0.7 percent, still well below 2008 levels. As an industry, credit unions generated just a little more than half of what banks with more than $50 billion in assets were able to generate in non-interest income in 2012.
“Revenue generation is a top priority for credit union executives,” said Ben Rogers, research director at Filene. “Through this research we’ll look at where credit unions see revenue growth coming from, the biggest challenges credit unions face in generating additional revenue, and how and what credit unions are investing in to generate revenue.”
The research project is expected to continue over two months. The report will be released later in 2014.
This collaboration leverages Aite Group’s expertise in financial services, and Filene’s 25 years of research and innovation driving impact for credit unions and their members.
For questions regarding the survey, please contact the survey administrator at rshevlin@aitegroup.com.
About Filene
Filene Research Institute is an independent, consumer finance think and do tank dedicated to scientific and thoughtful analysis about issues affecting the future of credit unions, retail banking and cooperative finance. Filene is a 501(c)(3) nonprofit organization. Nearly 1,000 members make the nonprofit’s research, innovation and impact programs possible.
About Aite Group
Aite Group is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, wealth management, capital markets, and insurance, Aite Group’s analysts deliver comprehensive, actionable advice to key market participants in financial services. Headquartered in Boston, Aite Group works with its clients as a partner, advisor, and catalyst, challenging their basic assumptions and ensuring they remain at the forefront of industry trends.