Fifty-eight percent of CUs expect their online channel budget to increase by at least 5% over 2009 levels, with 15% anticipating an increase in excess of 15%.
Boston, MA, February 3, 2010 – A new report from Aite Group, LLC looks at U.S. credit unions' online channel priorities for 2010. Based on an Aite Group survey of 54 credit union executives, fielded in January 2010 with the assistance of Everything CU, the report reveals that the majority of credit unions expect their budgets for the online channel to be higher in 2010 than they were in 2009.
While the financial crisis and current recession have been challenging for all financial institutions, credit unions have enjoyed several new opportunities. A majority of credit unions have experienced deposit growth as a result of the financial crisis, while many see increased interest in the credit union model, increased market share in their geographic footprint, or new member growth resulting from consumer trust in credit unions. With these opportunities, however, comes increased pressure on credit unions to extend their service and trust advantages to the online channel. Fortunately, 2010 is shaping up to be a good year for investment and strategic focus on the online channel.
"Credit union executives largely agree that consumer behavior - namely the prevalent use of the Internet to research and apply for financial products - is driving their focus on the online channel," says Ron Shevlin, senior analyst with Aite Group and author of this report. "As a result, they're focusing on improving capabilities like e-mail marketing, word-of-mouth marketing, and social networking."
This 25-page Impact Report contains 24 figures. Clients of Aite Group's Retail Banking service can download the report.