Embracing Change: The Digital Revolution Reshaping Credit Unions’ Landscape

By: Jonathan Wright, Director, Sales and Consultative Services of LEVERAGE Payment Solutions

In examining the credit union journey, one constant stands out – change. The way consumers approach banking has transformed significantly due to the digital landscape. The United States reached its peak of brick-and-mortar credit union locations in 2009. Over the past decade, the number of credit unions has decreased by 30%, and the average age of a credit union member has risen by five years, from 47 to 52. To understand where these individuals are going and why they are leaving, recent polls provide valuable insights.

Surprisingly, 95% of people aged 18-34, and 59% of those over 55, use digital banking. Examining such compelling statistics, it’s not astonishing that Ally Bank, established in 2009 during the peak of brick-and-mortar closings, concluded 2023 with over $196 billion in assets. Their success isn’t attributed to providing better services or rates on loans and credit cards compared to community credit unions. Instead, it’s their digital engagement that caters to all needs without requiring a physical branch visit – and the numbers speak for themselves. No credit union, open for 15 years, has amassed $196 billion in assets.

By partnering with LEVERAGE Payment Solutions and the League of Southeastern Credit Unions & Affiliates (LSCU & Affiliates), you gain access to the essential digital technology required not only to serve your existing member base but more crucially to attract and retain the next generation of members throughout their lives as their Primary Financial Institution (PFI).

LEVERAGE Payment Solutions offer a top-notch suite of digital products and a dedicated team to guide you in determining what is most important and how to make the best use of your members’ resources. LEVERAGE Payment Solutions will assist you in serving the membership of tomorrow. To learn more about how this partnership can assist your credit union, contact us at consulting@myleverage.com or call 855-9EXPERT (855-939-7378).