Money on the Table: Credit Union Benchmarks to Size and Identify Revenue Gaps and Opportunities
Description: 15 pages, 7 Tables/Figures
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:
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