If you had to make a list of all the qualities that are essential to the success of a modern credit union, its technology stack would undoubtedly be right at the top.

By taking a close look at the top core providers for credit unions, it becomes clear what many of them have in common. It also helps underline important trends about the industry in general that can be used as inspiration for your credit union's own success in the future.

A recent study indicated that in the first half of 2022, total income for federally insured credit unions reached an enormous $18 billion. While the sector has certainly experienced its ups and downs as a result of major shifts brought on by the COVID-19 pandemic, it can also be said that credit unions are becoming a top choice for consumers over traditional financial institutions with no signs of slowing down anytime soon.

Whenever it is determined that the time is right for a credit union core processor change, it's always a fairly malleable and intricate process. After all, you're talking about the technological foundation upon which your very organization has been built. How you provide newer and innovative services to your members. How you build and maintain ongoing relationships with those members. This is very much a situation where you don't want to leave anything to chance.

If you asked 100 different people what it took to effectively grow a credit union, you'd probably get 100 different answers. Some would say that boosting membership was the key. Others might emphasize cross-selling or up-selling services. There are those who might focus on building a better marketing strategy. While all of these things are certainly valuable, they pale in comparison to what may be the most important objective of all: Increasing efficiency as much as possible.

Regardless of the organization you're talking about, all credit unions operate with the same basic goal in mind: to serve their members. To do this as effectively as possible, they have to keep growing and establish a strong foothold in their community.

One of the most fundamental methods to keep your credit union thriving is by continuing to onboard new members. Keeping existing members happy is crucial too, but growth will surely happen through a simplified digital account opening process.

Long-term growth is a priority for any credit union. Yet at the same time, many organizational leaders are not sure what components to consider when planning and executing a growth strategy.

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.

A successful credit union is one that steadily grows based on good member acquisition and retention practices. Not only will achieving this help your credit union expand it will also help weather economic downturns by having a strongly-developed membership base that supports your services.