This week, CreditUnions.com shows how you can pitch the paper in 2020. In addition, we recap some of our favorite lending and member experience stories from the past year.
Here are four can’t-miss data points:
65 Trillion Sheets
In the U.S., more than 65 trillion sheets of paper are used each day that’s enough paper to require nearly every tree in New York’s Central Park to be cut down. The average office worker uses some 10,000 sheets of copier paper each year; in fact, paper represents more than 15% of solid landfill waste. In her role as the human resources manager at Generations FCU, Marissa Scheffler saw firsthand the volume of paper the department consumed from active and historical personnel files to applicant packets, recommendations for new hires to requests for internal transfers. She knew that needed to change. Here’s how the credit union did it.
Read: New Year’s Resolution: Pitch The Paper In 2020
$13.95 Trillion
As the clock ticks closer to 2020, people around the world are thinking about resolutions for the New Year. And if the past is any indication for the future, saving money will top their lists. According to an article in Inc., researchers estimate 60% of the population makes a New Year’s Resolution, with saving money ranking amid the top five most popular. Given the state of debt in the United States, that might come as no surprise. According to the New York Fed, total household debt hit $13.95 trillion in the third quarter of 2019, the highest amount ever in nominal terms. Consumer credit reporter Experian says Americans have $830 billion in credit card debt, while Transunion predicts the share of borrowers who are at least 90 days past due on their credit card accounts will likely increase to 2.01% next year. Americans could benefit from building a savings habit; unfortunately, Inc. also reports only 8% of resolution-makers achieve their goal. But all hope is not lost. Indeed, credit unions across the country are deploying a number of creative solutions to engage members and encourage more fruitful savings habits.
Read: 4 Ways To Help Members Tackle Their Savings Resolutions
22 Consecutive Quarters
The U.S. macroeconomic climate has been strong throughout 2019. The economy has expanded for 22 consecutive quarters, the stock market has trended up for most of the year, the Dow Jones Industrial Average surpassed 28,000 for the first time ever in November, and unemployment is at a five-decade low. Closer to home, credit unions kicked off the year with sluggish lending; however, the movement has rebounded in the second half of the year. In the third quarter alone, credit unions booked $52.9 billion in first mortgage originations. That’s up 39.7% from the same time one year ago. Current strong loan growth and low delinquency make for a robust balance sheet. In the past year, CreditUnions.com has spotlighted interesting ways credit unions are strengthening relationships via loan products that meet members needs and build communities. Here are five you should know.
Read: Best Of Lending 2019
5
Amazon, Apple, Starbucks, and others have raised the bar for how consumers define great service, and credit unions are rising to the challenge. As the mobile channel increasingly becomes the touchpoint of choice for members, credit unions are making the mobile interface intuitive, insightful, and effective in helping members accomplish what they need to. In their pursuit of providing a superior service standard, credit unions are building consistency across call centers, online, and mobile channels while reinventing physical branches to foster discussion and not just deposits. In the past year, CreditUnions.com has covered myriad ways credit unions are reducing friction in the member experience while driving deeper engagement. Here are five you should know.
Read: Best Of Member Experience 2019
Happy Reading!