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The press is dominated by news of fintech startups allegedly disrupting established financial institutions and stealing customers and profits. While the reality is that these threats are greatly overstated, a very real revenue threat exists today for credit unions: under-performance.
Underperforming the leaders in the market—in terms of revenue per member, revenue per account, and revenue per employee—can cost a credit union millions of dollars in revenue. Specifically, a credit union with $1.5 billion in assets could realize an additional $10 million in revenue by improving from a 25th percentile to a 75th percentile performer.
This report draws on 2014 Cornerstone Performance Report for Credit Unions benchmark data to identify gaps and improvement opportunities for income in five product areas:
- Checking accounts
- Credit cards
- Member business lending