Cornerstone Performance Report for Credit Unions 2016 – Electronic
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The Cornerstone Performance Report for Credit Unions is based on an extensive survey of 50 credit unions with assets of $500 million to more than $2 billion. The report presents a detailed analysis of credit unions’ staffing/process benchmarks and technology utilization/deployment and concludes with an example of performance improvement opportunities totaling more than $8 million.
The report, in its 10th year of publication, shows CEOs how they can pinpoint strategic initiatives by identifying potentially millions of dollars of performance improvements and cost-saving opportunities. It illustrates, for example, how a credit union with 100,000 members that moves from the 25th to the 75th percentile of performance can boost debit-related revenue by over $6 million if it improves on a few critical metrics: cards per checking account penetration, interchange revenue, and ATM income and fees.
Key benchmarking highlights of the report:
- Credit unions were unsuccessful at driving transaction volume on cards issued, as the median number of transactions made per month declined by 73%.
- While 75th percentile credit unions processed nearly twice as many direct consumer loan applications per month as median performers, they are still only auto-decisioning 30% of these loans.
- The percentage of mortgage applications that are taken online at median credit unions increased from 21% to 38%. High performers are seeing 75%.
- Delinquent consumer loans per consumer collector FTE saw a 293% increase over the reporting period.
- Core spending declined by 9% between 2014 and 2016 following an identical drop over the previous two-year period.
- And more…