Every year, CUNA conducts extensive research on trends affecting the credit union industry. These findings are then compiled into a comprehensive report, CUNA Environmental Scan (E-Scan), a strategic planning resource that gives credit unions an insight into trends, topics for board meeting discussions and future-focused industry knowledge.
This year’s E-Scan report is now available. The report’s information on what’s happening inside the credit union industry as well as the peripheral environment helps keep credit unions competitive in their markets. Among the significant trends addressed in the 2021-2022 report are:
Financial well-being for all: This crucial CUNA initiative was announced by CUNA President/CEO during the March Governmental Affairs Conference.
“The Financial Health Network estimates 167 million Americans are financially unhealthy,” Nussle wrote in a CUToday article. “Low-income communities, people of color and rural populations are more likely to struggle with their financial health than the total population. Those are also communities credit unions are positioned to help. It’s why as a credit union movement we’ve dedicated ourselves to financial well-being for all.”
Financial well-being for all is the lens through which the credit union story must be told, Nussle wrote.
“It’s how we turn that ‘credit union difference’ into something tangible for our members,” he added.
IT security: CISOs, ransomware and people power: Chief information security officers (CISOs) know that cyberthieves are working 24-7 to try to hack into their systems. Ransomware is one of the more crippling types of malware, usually threatening to publish the victim's data or perpetually block access to it unless a “ransom” is paid. The average ransom payment in the third quarter of 2020 was $233,817, according to Coveware. That represented a 31% increase over the previous quarter.
The average total cost of a data breach in 2020 was $3.86 million, according to IBM Security, representing a 10% rise over the past five years.
In 2021-2022 CUNA Environmental Scan, learn how credit unions across the nation are working to keep nefarious hackers out of their systems. Also, learn the current best practices for how to respond to an incident if it occurs.
The agile workforce: Has the pandemic permanently changed the way we work? Perhaps.
An International Workplace Group survey showed that 85% of respondents say productivity has increased as a result of greater business flexibility. And, a Gartner.com poll found that 48% of respondents said they will work remotely after the pandemic. The 2021-2022 Environmental Scan examines how credit union strategic planners should take this clear trend into consideration.
Advocacy: The new reality: Advocating for credit unions is one of CUNA’s core functions. The advocacy function is closely tied to making sure legislators clearly understand the credit union difference. One example of the credit union difference is Gallup research that finds “credit unions have built strong member relationships by using a personal approach, thoughtful products and member-centric service models to help members manage their finances.” Nearly half — 46% of members — “strongly agree” with this statement about their credit union, while less than one-third (only 31%) of bank customers feel similarly.
With credit unions’ annual financial impact on the U.S. economy at $223 billion, according to CUNA, the responsibility for advocacy is more important than ever. E-Scan addresses how this should factor into credit unions’ strategic planning.
To learn more about these important trends, register for the free, recorded Industry Trends Affecting Strategic Planning Webinar. Host Jeff Rendel, president of Rising Above Enterprises, addresses the strategic planning implications of these four trends. Visit cuna.org/escan to learn more about how this long-standing and trusted resource can provide you the necessary background for your credit union’s strategic planning process.