Credit unions have become hugely popular over the last few decades for a number of reasons. For starters, they offer a more personalized and member-centric approach to financial services that a lot of larger organizations simply cannot match. They also offer safe, reliable services that members have come to depend on and even expect.

The past two years have seen strong credit union industry growth, which has been attributed to pent-up demand, in what has been called a rebounding economy. NCUA reported loan growth of 14.7 percent, membership growth of 8.1 percent, and net worth increasing at 13.9 percent in Q1 2021. This was met by digital transformation initiatives across many credit unions in an effort to meet member expectations in a transitioning consumer economy. Changes in card technologies, enhancements to digital wallet capabilities, and an evolving payments landscape have driven focus and investment over this time and heading into 2023.

Obviously, one of the most important priorities for any credit union is growth. Now, new research seems to suggest that this emphasis has been paying off in spades. According to the experts at CUNA, credit unions can see loan growth of 20% on average by the end of 2022. To put that into perspective, it is the highest rate of growth of its type since 1984. All told, research suggests that credit union loan balances for members grew by 16% in 2022 compared to 2022. Not only that, but they were also up 10.2% from the beginning of the year.

The expectations of credit union members are constantly evolving, and it's up to savvy organizations to evolve right along with them. For most, the careful application of the right type of technology is how they do it.

In a period of significant global economic instability, the financial services sector is going through a significant period of disruption. This has been especially challenging for credit unions, who need to leverage a variety of methods to keep cash flow as stable as possible. Thankfully, there are ways to use this newfound disruption to optimize revenue streams moving forward. They require organizational leaders to keep a few key things in mind.

As a credit union, there are a wide range of opportunities that can be leveraged in terms of more effectively operating your lending process. Having said that, not all methods work equally well for each organization. Only by making an effort to fully understand your audience will you be able to come up with the techniques that fit best given the circumstances.

In an age of two-day Amazon delivery, instant Google search, and personalized lending offers through Credit Karma, your members are no longer satisfied with a slow back-office lending process that takes days to weeks. Instead, credit unions must modernize their lending with a digital loan origination system and powerful analytics.

The cold, hard truth is lending isn't what it used to be. Everything has changed in recent years, forcing lending institutions to change too. As rates continue to increase and the financial landscape keeps evolving, credit unions must acquire new lending strategies to remain competitive in the industry. So, how should CUs adapt to these rapid changes? One of the most critical things you can do is take advantage of data analytics, which can help identify and target the right individuals based on a number of factors, from behavior and demographics to specific life events. In this article, we'll outline what's currently trending in the market and how your credit union can effectively harness the power of data analytics to benefit your members and bottom line.

From the beginning, your credit union has dedicated itself to being a community development financial institution with a sincere focus on serving members with excellence. But did you know that diving deeper into data analytics could help you succeed in that mission? In addition, data analytics can enable you to grow your members and if interested, help you to acquire or maintain your CDFI certification, all while acquiring staff buy-in. Credit unions of all sizes can gain incredible insights from their data and use it to make wiser business decisions. Let's outline how you can use this technology to your advantage to save time, money, and effort.

Today, data is at the core of every company, and it's readily available for use. This influx of data has forced financial institutions, including credit unions (CUs), to recognize data's importance and develop their own data strategies that consider its collection, storage, analysis, and utilization. Although data can impact everything from member experience to recruitment, it can also prompt lucrative lending opportunities. In this article, we'll be outlining how your CU can use data analytics to make wise lending decisions that benefit you and your valued members.