By Wipfli
Credit unions are ready for reinvention.
Wipfli’s fifth state of the credit union industry report highlights how leaders are adapting strategies to meet modern member needs – strengthening digital capabilities, refining branch roles and preparing for a technology-driven member landscape.
Wipfli surveyed 100 credit union executives to understand their business outlook, pain points and strategic priorities for the year ahead.
In this survey, we learned:
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Confidence is strong: More than half (57%) of the executives we surveyed expect asset growth of 5% or more in the next 12 months.
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Digital initiatives are taking priority: Improving digital member engagement ranked as the most important strategy for the next 12 months, closely followed by data analytics/AI and accepting instant payments.
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Fraud and cyberthreats are rising: Cybersecurity (including fraud) was the top concern for the second consecutive year, surpassing the next-highest concern (fintech competition) by 22 percentage points. In the past year, 77% of respondents experienced at least one cybersecurity incident at their institution.
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Branch strategies are evolving: Nearly two-thirds (62%) of respondents plan to open new branches in the next year, and more than half (58%) plan to repurpose existing locations to support new banking experiences.
Download the full report for additional findings, plus perspective from Wipfli advisors.
Connect with Wipfli to learn more.
