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Report #647 |
Innovation Strategy and Planning Attracting and Engaging Younger Members

FiLab: Credit Union Landscape Report

Part 1 — Industry Overview

Disruption has shifted from a trend to reality—our new norm! As growth continues to slow and consumer expectations accelerate, CUs are being pushed to rethink how they operate, innovate and deliver distinct value. FiLab's new CU Landscape report offers a powerful snapshot of today's most pressing challenges—and the clearest opportunities to move forward. This overview is the first in a series to help CUs make sense of the disruption, prioritize what matters and discover pathways forward.
Now Available for Download Membership Growth

1. Membership Growth
Due to a continued aging member base, increased digital competition and Gen Z's indifference towards credit unions we are seeing a decline in membership growth across the industry. This report will explore these challenges and offer solutions for credit unions to drive profitable growth and build future sustainability.

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Now Available for Download Deposit Growth & Revenue Streams

2. Deposit Growth and Revenue Streams
With 37% of Americans unable to cover a $400 emergency expense due to months of higher prices and inflation—credit unions are experiencing a decline in deposit growth. This report will identify innovative solutions for credit unions to drive higher deposit balances and help support their members that are struggling to save.

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Now Available for Download Enhanced Member Experience

3. Enhanced Member Experience
Digital banking is table stakes these days, especially with Millennials and Gen Z—with 80% of them reporting that it is core to their banking preferences. This report will focus on what do younger members really want and expect from their financial providers and how can credit unions deliver a distinct experience that drives loyalty among these profitable prospects.

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Now Available for Download Improved Operational Efficiencies

4. Improved Operational Efficiencies
With tight margins, limited staff resources and increasing costs, improving operational efficiency is now a top-three priority for 64% of credit union executives heading into 2025. This report will explore innovative ways that credit unions can leverage technology to remove friction, increase speed and agility to grow revenue more quickly and efficiently.

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Now Available for Download Decreasing Risk & Fraud

5. Decreasing Risk and Fraud
With advancing technologies comes an unfortunate increase in sophisticated fraudulent activity. In 2024, 60% of financial institutions reported an increase in fraud. This report will identify opportunities for credit unions to innovate their processes for identifying fraud and also how to mitigate risk and prevent these issues from happening.

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A Special Thank You to Our FiLab Supporters for Helping to Make this Research Possible

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