Typically, trends emerge over time. There is an opportunity to observe changes and determine whether, and how, to adapt. But this year, change has been abrupt and fast—leaving little time to ponder or plan.
The sudden shifts in member behavior make data analytics an increasingly important tool for credit unions to quickly understand and make decisions based on emerging new patterns. CU Rise Analytics has been analyzing transactional data for credit union clients representing more than a million members nationwide, and we’ve observed four key trends that are reshaping credit unions’ strategy.
1.Branch Activity is Down
2.Deposits Are Record High
3.Indirect Auto Loans Are Declining
4.Concern About Future Risk is Growing, but Unclear