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Boston, MA, March 10, 2010 – A new report from Aite Group, LLC sheds light on the differences between high-performing credit unions and their less successful peers in terms of membership growth, loan and net growth, and market share. According to a January 2010 Aite Group survey of 54 credit unions, high performers share three attributes: tolerance of IT risk, strong commitment to IT from senior management, and excellent coordination between IT and the business.
Over the past two years, credit unions that demonstrate these attributes have grown their membership base three times higher than that of other credit unions. In addition, their growth in market share has remained 20% higher over the same time frame, and their loan growth is nearly twice as high as that of other credit unions.
"Aite Group doesn't believe that a credit union will produce superior business results just because it is tolerant of IT risk, has senior executives committed to IT, and enjoys strong coordination between IT and the business," says Ron Shevlin, senior analyst with Aite Group and author of this report. "It is clear, however, that credit unions with these IT management attributes are better positioned to make the investments in technological and marketing capabilities they need to produce superior business results."
This 13-page Impact Note contains 11 figures. Clients of Aite Group's Retail Banking and Wholesale Banking services can download the report by clicking on the icon to the right.
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