This week, CreditUnions.com digs into payments and deposits. We look at three credit card trends, identify the threat and opportunity in the gig economy, and delve into the industry’s deposit portfolio.
Here are five can’t-miss data points:
The credit card market is even more interesting in 2018 than it was in 2017. Or 2016. Or perhaps any time since the Great Recession. This is great news, but the market can present challenges downfalls, even to those who fail to see the landscape accurately. More than 75% of credit union credit card issuers grew at a below-average rate in 2017. Did yours? Will it again?
Read more: 3 Credit Card Trends To Watch In 2018.
A 2016 study by the Federal Reserve revealed 46% of Americans don’t have the money to cover a $400 emergency expense. That number certainly highlights an opportunity for credit unions to make a difference in members’ lives. But what of the gig economy worker who holds non-traditional hours and receives fluctuating pay? What are their needs and how can credit unions serve them?
Read more: The Threat And Opportunity In The Gig Economy.
Share balances rose $66.6 billion in 2017 and hit a record high of $1.2 trillion as of Dec. 31. Of the total portfolio, core deposits share drafts, regular shares, and money market shares totaled $860.6 billion and comprised 73.3% of the share portfolio at year-end.
Read more: Deposits By The Numbers.
Survey senior executives from credit unions of all sizes across the country, and you’ll get a lot of different perspectives and insight. Callahan’s 2018 Executive Outlook Survey is no exception. Growing loans, deposits, and talent are imperatives, as is confronting competition from old foes and new. Credit unions’ place in the local and national economies also continues to provide a backdrop for much strategic contemplation.
Read 41 excerpted responses from the survey in 2018 Economic Outlook.
A few weeks ago, CreditUnions.com contributor Sharon Simpson made a confession: Despite spending most of her career in the credit union industry, she hadn’t spent much time explicitly talking to my kids about money. Turns out, however, they formed smart financial habits anyway. She appeared on a recent episode of CUbroadcast to share more details and offer three ways any parent or financial institution can encourage money management as a bonus.
Watch now: CUbroadcast Highlights How I Accidentially Raised Money-Smart Teens.