Millennials Central to Credit Union Growth, TransUnion Research Finds - Seite 2

Credit Unions' Opportunities: Auto Loans and Credit Cards

The survey also revealed that auto loans rank at the top for credit union executives in terms of loan growth, focus and opportunity over the next 12 months. This emphasis is a continuing one: according to TransUnion data, credit unions grew their auto membership 9.8% year-over-year from Q1 2015 to Q1 2016. In addition, in 2010 only 49 credit unions issued more than 10,000 auto loans. In 2015, 126 credit unions were issuing more than 10,000 auto loans.

Top Areas of Growth/Focus/Opportunity for Credit Union Executives in the Next 12 Months

Category		% Ranked #1 in 2016 Survey (2015 Percentages)		% Ranked Top 3 in 2016 Survey (2015 Percentages)
Auto Loans		41% (48%)		80% (81%)
Mortgage Loans		22% (26%)		61% (60%)
Share Draft Accounts		10% (3%)		26% (24%)
Credit Cards		6% (8%)		31% (46%)

Credit cards were in the top three areas of opportunity, but only 6% of credit union executives ranked credit cards as their top priority for 2016. The survey found that 69% of credit union executives said more than half of their members do not have a credit card with their credit union. This finding was corroborated with TransUnion research, which found that in Q4 2015, 44% of credit union members did not have a credit card with a credit union, but did have credit cards in their wallets.