As credit unions have focused over the past year on the challenges of the pandemic and its impact on members, mounting evidence is emerging that suggests the credit union value proposition may be in trouble:
More than 3 in 5 credit unions with total assets less than $1 Billion lost membership between 2017 and 2020.
Member satisfaction, as measured by the American Customer Satisfaction Index, has been declining since 2017 and has trailed satisfaction with banks for the past two years.
Raddon reports credit unions’ share of total PFI relationships declined from 21% in 2018 to 12% in 2020.
Credit unions’ market share for certain loan classes has declined in recent years.
2021 CUNA Mutual Group internal data and Experian, “Auto Finance Insights: State of the Automotive Finance Market Q1 2021,” Q1, 2021
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