Executive Summary
Small credit unions are often seen as disadvantaged by a lack of scale. But in fact, many are flourishing. These small credit unions defy stereotypes, leveraging their unique strengths as flexible, committed, member-focused institutions keyed into the needs of their particular markets and communities. What makes for a small credit union that is not just surviving but thriving?
This report reviews trends in small credit union performance and digs deep into the puzzle-solving approaches taken by leaders of thriving small credit unions to better understand the definitions and drivers of success among thriving small credit unions.
Credit Union Implications
Small credit unions can and do maintain relevance in their target markets by identifying who they serve well, what those members (and potential members) need, and how to best use the credit union’s resources to anticipate those needs in a way that generates trust, loyalty, and value. Credit unions don’t need billions in assets to make their members feel seen, valued, respected, and cared for.
Ultimately, these are characteristics that drive success for credit unions of all sizes—and in this way, thriving small credit unions provide us with lessons that resonate universally and a strategic playbook that can be used wherever there are communities in need of a cooperative financial services partner.
Download this report today to learn more about the puzzle-solving approach taken by thriving small credit unions.
Filene thanks TruStage for making this research possible.
