This week, CreditUnions.com finds a credit union bot that helped thousands in a time of need, looks at the industry’s second quarter performance, celebrates International Credit Union Day, and more.
Here are five can’t-miss data points:
After Hurricane Irma carved a path of destruction along Florida’s Gulf Coast in the fall of 2017, Suncoast Credit Union was flooded with emergency member loan requests. Within hours, the credit union deployed robotic process automation (RPA) to resolve a backlog of nearly 5,000 applications. See how the credit union was prepared to help its members in a time of need.
Read: A Bot In Need Is A Friend Indeed
Although the number of credit unions nationwide has shrunk notably in the past decade, the total number of branches has not. In mid-2008, there were 8,161 credit unions in the United States that had a combined 21,162 branches. By mid-2018, there were 5,596 credit unions with 21,064 branches. Advances in staff and technology underpin credit unions’ ability to serve more members per location, and the numbers show it.
Read: Branch Population Holds Steady While Productivity Rises
Oct. 18 marks the 70th anniversary of International Credit Union Day. By many accounts, it’s a great time to be a credit union. It’s also a great time to be a credit union member. The industry made $3.3 billion in dividend payouts in the first six months of 2018. That’s 8.5% of the industry’s income and a 22.1% increase over this time last year.
Read: 3.3 Billion Ways To Showcase The Credit Union Difference
With fall’s arrival, credit union strategic planning season is in full swing. For some, strategic planning meetings are a necessary event that won’t significantly impact the credit union’s plans. They typically include updates by senior executives regarding the credit union’s progress and plans going forward, followed by input from the board on key issues. This is not true strategic planning. It’s business planning for the coming year. Strategic plans need to be future-focused, so think not three or five years out but 10 years out or longer.
Read: Strategic Planning Is More Than A Fall Weekend
Aggregate assets for the industry expanded 5.8%, or $79.5 billion, from the second quarter of 2017. Outstanding loan balances increased 9.7% year-over-year and surpassed $1.0 trillion for the first time on record. The average loan balance for the industry was $15,229 as of June 30; that’s up 4.1% from $14,624 one year ago. Investment and cash balances declined 3.8% year-over-year as credit unions allowed investments to roll-off to fund a continued robust loan demand that is fueled by elevated consumer confidence and a growing economy. Learn more about where the credit union industry stands in second quarter 2018.
Read: Macro-Economic And Industry Trends (2Q18)