This week, CreditUnions.com asks questions: Which states lead the nation in efficiency? How can credit unions make a good mobile experience great? Are smaller credit unions more reliant on fee income? And how to align core expectations with reality?
Here are four can’t-miss data points for the week:
71.54%
The efficiency ratio helps credit unions monitor the relationship between operating revenue and overhead expenses. Generally, it measures how much a credit union spends to earn $1 of revenue. The average efficiency ratio for all credit unions in the country at the end of the third quarter was 71.54%. Thats 1.92 percentage points below the year-ago average of 73.46%.
Learn more in Which States Lead The Nation In Efficiency.
120,000
Pennsylvania State Employees Credit Union focuses more on technology than on physical branches for commonplace transactions. In 2016, its mobile banking application was widely accepted by members to the tune of 120,000 users averaging 14 logins per month. But just because the application worked well didnt mean it was best for members. Thats why the Keystone State credit union started investigating alternatives for its mobile banking app.?
See how the credit union upgraded its mobile technology in Strategies To Make A Good Mobile Experience Great.
$8.2 Billion
At second quarter 2017, fee income composed 45.9% of the industry’s total non-interest income, representing approximately $8.2 billion. Yet, while it’s taken for granted that small credit unions are more reliant on fee income, we had to ask the question: Are they really?
Find out in A Smaller Take On Non-Interest Income.
9
Callahan & Associates surveyed credit union executives who converted their core system between June 2016 and June 2017. From these responses, we’ve identified nine takeaways across several different questions: What are the top features credit unions are looking for in a new core? What are the top reasons for selecting a new provider? And what are the limitations of these new providers?
Find out in Aligning Core Expectations With Reality.
Happy Reading!
