2. Shrinkage in Numbers, But Not Assets
According to the National Credit Union Administration (NCUA), there were 5,964 federally insured credit unions as of the end of Q2 2017, a decrease of 1.3% from Q Total assets, however, increased 3.8% to $1.35 trillion.
Average assets per credit union increased 11.3%, to $237 million, and total members increased 4.2%, to million.
During July 2017, credit union memberships increased 4.3% YOY, the fastest increase during more than a generation, according to CUNA Mutual Group, due to a robust economy. A total of 231 credit unions closed during the past year.

3. Attracting a Larger Share of All Loan Products
For the year ending June 30, 2017, credit unions’ total loan balances increased 10.8%, the 4th consecutive year of a double-digit increase. Loans at credit unions with assets of $1 billion+ increased 12.6%; those with assets less than $20 million increased 2.7%.
Credit union installment credit, which includes auto, credit cards and unsecured loans, increased 13.5% for the year ending June 30, New-auto loan balances increased 16.1% on a seasonally adjusted annual basis.
Credit unions originated $67.5 billion in mortgages and other real estate loans during the first half of 2017, a 6.6% increase compared to the first half of Home-equity originations were $17.9 billion and 2nd mortgages increased 26.0%.

4. In Search of New Members
CUNA is planning a Credit Union Awareness Initiative. It says consumers have four misconceptions: a wariness of the word “membership,” that only low-income people use credit unions, that it’s hard to access their money and that credit unions are low-tech.
According to CUNA research, consumers think credit unions are a good source for auto loans; competitive on rates; warm, friendly, and trusted; and supportive of consumers. Credit unions’ sweet spot is with parents aged 35 to 49.
On average, credit unions spent $335 per year to gain new members, with education and promotions, a 32.9% YOY increase. Credit unions in the Central region spent $456, the highest, and those in the Mid- Atlantic spent the least, $228.

5. Understanding the Millennial Customer
According to a November 2016 report, one- fifth of US Millennials used credit unions as their primary financial institution, 61% used large national banks and 2% used digital banks. One-third of Millennials said they were switching banks during the next 90 days.
The same report cited that although only 28% of Millennials had an auto loan and 20% had a home loan, 38% of them carried a student loan. Millennials had an average debt of $26,485, excluding mortgages, and their average credit score was 625.
In the 18–24 age group, 67% had credit cards, compared to 83% of 25–34-year-olds.

6. Preference for the Personal Touch
According to a TimeTrade study, members interact with their credit unions mostly in person at a branch (71%), followed by desktop/tablet, then smartphone, ATM, by phone and lastly through virtual video meetings.
While many routine banking interactions, such as checking balances or making transfers, will shift to online, members prefer to handle more complex tasks, such as applying for a loan or opening an account, to be done in person.
This preference for in-person interaction is reflected in the two top factors customers consider when choosing a credit union: member service and location/hours, followed by rates, products and services, reputation and size.

7. The Attraction of Member Relationships
Three-quarter of members say the main reason they visit their branch is to make a deposit or withdrawal with a teller. Some members visit for non-monetary reasons. For example, 13% visit a branch to see a notary public.
Highlighting credit unions’ member-profit sharing convinces many people to join.
The average member relationship, the amount of savings minus loans, was $18,149 during Q2 2017, an increase of 19.6% from Q The average was the highest in the West region, $20,649, and the lowest in the Southeast region, $16,054.

8. Advertising Strategies
Highlight that credit unions pay dividends to members to promote the “co-ownership” relationship, which is an added benefit for members that other financial institutions don’t provide.
To attract Millennials, showcase low-interest credit cards and loans and proactively offer educational content, including in-person seminars and Webinars, to help Millennials build and protect their credit.
Draw a distinction between the helpful, friendly atmosphere of credit union employees compared to the less-attractive customer service of big banks.

9. New Media Strategies
Make sure your Website is optimized for mobile and invest in a robust, easy-to-use mobile app.
Communicate with members through periodic s and other channels to keep them informed of the specific best-practices and technologies you are using to keep their information safe from hackers. Publish content on identity theft prevention too.
Advertise auto loans on the Websites of local car dealerships, and mortgages on local real estate Websites.