Wipfli, a top 20 advisory and accounting firm, released new research that reveals, the state of the credit union industry.
The report, which stemmed from surveying nearly 70 credit unions in 27 states, shows that credit unions are heading into 2023 with confidence.
Most are planning to grow over the next 12 months, 81% think they’ll grow 5% or more in the next year and 95% are planning to acquire another financial institution.
Credit unions said improving digital member engagement is their top strategic priority for the New Year, followed by talent management, creating new revenue streams and pursuing digital efficiencies.
“Credit unions need seamless and simple digital experiences, along with competitive financial services, to attract and serve younger members,” said Anna Kooi, national financial services leader at Wipfli.
To achieve their growth ambitions, Kooi said credit unions need to aggressively address the talent gap and digital transformation. ESG also has labor and digital transformation implications.
“Credit union leaders need to understand all the risks associated with an investment, including environmental and social factors. Investments and strategies that aren’t in sync with the market won’t perform well. ESG can steer credit unions toward better, longer-term decisions,” said Kooi.
Download a copy of the State of Credit Unions report to explore all the data and analysis.
Media contact: Sara Snyder