According to new research by TransUnion, TransUnion found that credit unions continue to grow at a faster rate than other financial institutions and millennials are a key driver of this loan growth.
TransUnion found that in the first quarter of 2016, credit union membership grew at more than three times the rate of credit activity among consumers across other lender types.
Credit unions experienced a year-over-year growth rate of 6.35 percent at the beginning of 2016, while industry credit active consumers grew at 1.86 percent in Q1 2016.
According to TransUnion data, 25 percent of credit union members in the first quarter of 2016 were millennials compared to 20 percent in the first quarter of 2013. In comparison, millennials at non-credit unions were 25 percent in the first quarter of 2016 from 23 percent in the first quarter of 2013.
A survey of 96 credit union executives noted that auto loans rank as the top loan growth area by credit union executives. mortgage loans are ranked as the second best loan growth prospect.
Read the press release.
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