MADISON, Wis. (6/5/15)--CUNA released its annual credit union research compilation report Thursday, the 2015-16 CUNA Environmental Scan (E-Scan) Report.
The report pulls together research on current trends happening in the credit union industry, and asks experts to share the most up-to-date data and information related to those trends.
This year’s E-Scan covers the following trends:
For mobile ecosystems, Mark Sievewright, president, Credit Union Solutions for Fiserv, discusses four areas that illustrate why credit unions must adopt this new way of conducting business.
Significant demographic changes to younger and more diverse members, advancements in technology, revolutionized ways to transfer money, and a regulatory environment that poses stricter compliance demands are together driving this change in the financial services industry, he said.
Sievewright cites data that finds younger generations are already increasingly diverse, with 42% of millennials identifying themselves as something other than Caucasian as far back as 2008.
The report also notes that by 2030, Hispanics will represent 23% of the total U.S. population, and 30% by 2050.
“Serving the changing population requires new financial services models and building awareness among a generation of young people that don’t know much about credit unions,” Sievewright said. “As social media matures, credit unions are uniquely positioned to spread the message at the grassroots level.”