The current success of your credit union is directly related to your credit union's core technology. Few scenarios have made that clearer than the COVID-19 pandemic. Specifically, credit unions with the right core technology were able to quickly adjust, go digital, and deliver the solutions required to meet member needs.

In the credit union and the banking industry, the importance of numbers can't be overstated. Whether it's net new deposits, loan growth, member retention rate, or any other credit union metric, your institution's story can often be told by the numbers. However, few key performance indicators can be as indicative of the financial health and resiliency of your credit union as the efficiency ratio. Let's take a deeper dive into the importance of the efficiency ratio.

Surviving 2020 was no easy task for all sorts of businesses, including many credit unions. Those that were most effective found ways to be efficient, cut waste, adjust to changes in consumer habits and continue to provide their members with the essential services they need and expect. After all, credit unions were founded on the principles of collaboration and supporting members, and no year has seen more people in need of support than the previous one.

There has been a great deal of discussion lately on the struggles of smaller to medium-sized credit unions. They face many challenges to remain on par with their peers, while not breaking the bank. However, the other side of the coin is the strength of the industry as a whole. Though 70% of the credit union population is composed of smaller credit unions, here are some numbers that illustrate basic performance facts of today's credit union industry: