SCOTTSDALE, Ariz. (8/14/13)--Significant opportunities remain for credit unions to improve their member support channels--especially because of the big gap between high and low performers, according to results of a new benchmarking study from Cornerstone Advisors.
Cornerstone is a management consulting firm focused on large, progressive credit unions and mid-size banks.
"Credit unions for the most part are reporting improved bottom lines," said Scott Sommer, Cornerstone Advisors president/CEO. "The general theme we're seeing from these numbers, however, is that with a bit more focused effort, they could be experiencing even better returns as a result of more satisfied members.
"With vast gaps between high and low performers in lending productivity, delivery channels and other measures, there is so much room for improvement," Sommer added. "If credit unions continue to gain high-value market share while scaling their efficiencies, adopting industry best practices and reinventing their delivery, they will be financial services contenders in the years ahead."
The benchmarking study of 62 credit unions with assets of more than $250 million provided these key findings:
The median credit union opened 1.8 new accounts for each one that it closed--up 20% from 2008, according to survey results, published in July as "The Cornerstone Report: Benchmarks and Best Practices for Credit Unions." Yet, even with the new member focus, median products-per-household dropped 28%, to 2.52.