In our role as consultants to a broad family of credit unions, we have the opportunity to work with both underperforming and outperforming credit unions. Our engagement process provides us with an in-depth understanding of the business practices employed by these credit unions. This knowledge, along with our vast amount of data, allows us to benchmark, analyze and capture ways to drive incremental growth. While each engagement is unique, there are several items to note from our review of the top-performing programs.
Checking Account Growth
Our analysis suggests that on an annual basis, nearly half of the debit card transaction growth at a credit union comes from the growth of checking accounts (with debit cards). Our top performers enjoy consistent annual checking account growth rates of approximately 10% — higher than the 6% industry average based on recent data from Callahan. Credit unions must make sure that their checking program, from the product suite to the business and operational practices surrounding it, aligns with the growth potential in their marketplace.
continue reading »