Summary
This research report presents an outlook for credit unions in 2024, detailing insights gathered from a survey of 83 credit unions across 20 states. The findings indicate a shift in market sentiment, with credit unions expecting slow growth and a notable decrease in merger and acquisition (M&A) plans, dropping from 55% to 19%. The report outlines the top strategic priorities for credit unions, which include improving digital member engagement, accepting instant payments, and leveraging data analytics and artificial intelligence. Additionally, it highlights significant concerns such as employee recruitment and retention, cybersecurity threats, and the need to maintain market share. The report emphasizes the importance of technology adoption and the challenges credit unions face in enhancing their digital maturity amidst evolving member expectations. It also discusses the renewed focus on the mission of serving underbanked populations, reflecting the changing landscape of the financial services industry.
