MADISON, Wis. (1/13/14)--As part of a newly established research partnership, Filene Research Institute and Aite Group are asking credit union CEOs, chief financial officers and other finance professionals to complete a survey on how they will drive increased revenue. Responses are due Friday.
Ron Shevlin, senior analyst at Aite Group, will guide the project.
Filene will share a complimentary copy of the report with survey respondents.
After three straight years of declining revenue from 2009 through 2011, the credit union system saw an increase of revenue in 2012. However, revenue increased by just 0.7%, still well below 2008 levels. As an industry, credit unions generated just a little more than half of what banks with more than $50 billion in assets were able to generate in non-interest income in 2012.
"Revenue generation is a top priority for credit union executives," said Ben Rogers, research director at Filene. "Through this research we'll look at where credit unions see revenue growth coming from, the biggest challenges credit unions face in generating additional revenue, and how and what credit unions are investing in to generate revenue."
The research project is expected to take two months. The report will be released later this year