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CUNA Offers Insights for Strategic Planning Based on Critical Trends
Wednesday, August 12, 2015 6:45 AM

Credit Union National Association’s 2015-2016 Environmental Scan examines the credit union landscape for boards and management teams so they can meet growth opportunities and challenges head-on.

According to the study, in the next four decades, the U.S. will have more than 350 million people younger than age 65. And this population will be more racially diverse as well: Hispanics will make up 23 percent of the total population by 2030, and 30 percent by 2050. Younger generations in general already are increasingly diverse. As of 2008, 42 percent of millennials identified themselves as in a group other than white or Caucasian. And socially, the number of single heads of households is growing.

The significance of these demographic and social changes is profound for your credit union and the members you serve. Technology will affect how you interact with members, the products you offer, the way money moves, and the regulatory framework in which you operate.

Considering these industry trends is one way to stay ahead of the curve. And that goes hand-in-hand with talking to your members about what they want and how you can stay a relevant part of their financial lives.

To read more about the 2015-2016 Environmental Scan, visit CUNA's website.