The State of Credit Unions - Experian
[Pages:8]Report
The State of Credit Unions
2017
In the financial services universe, there is no shortage of players battling for consumer attention and share of wallet.
So how do credit unions stack up in a pack filled with heavy-hitting banks and aggressive online lenders?
Review our latest findings, which reveal insights and stats on credit union members as well as how credit unions are faring on various loan products in comparison with the competition.
Credit Union Member Snapshot
From Traditionalist to Gen Z
Average VantageScore?
Average number of credit cards
Average credit card balance
Average revolving utilization
Average total debt
Average number of retail cards
Silent
Age 70+
752 3.38 $5,493 18% $19,848 2.58
Boomer
Age 50?70
725 3.71 $8,280 30% $32,774 2.86
Gen X
35?49
683 3.37 $8,650 39% $37,351 2.72
Gen Y
Age 21?34
659 2.64 $4,925 38% $28,454 2.20
Gen Z
Age 18?20
639 1.50 $1,407 40% $9,954 1.59
While 25% of U.S. consumers have one or more credit union tradelines on their credit file, there is a huge opportunity to build relationships with millennials and Gen Z. Currently, only 20% of those with a credit union trade on file are millennials and only 1% are Gen Z.
Concentration of Credit Union Consumers Across the Country
Highest Concentration
Utah Alaska Idaho Washington Hawaii
55.8% 51.4% 43.1% 41.0% 38.2%
Lowest Concentration
New Jersey West Virginia Arkansas Mississippi Kentucky
10.8% 14.1% 15.0% 15.4% 17.3%
Credit Union Member vs. Non-Credit Union Member
Consumers with 1+ CU trades
Consumers with 0 CU trades
701 3.35 $7,388 0.35 $31,626
Average VantageScore?
Average number of credit cards
Average credit card balance
Average number of trades currently past due
Average total debt
665 2.90 $5,613 0.40 $20,820
Overall, consumers with credit unions have:
? Higher risk scores. ? Higher credit card
balances and utilization. ? Higher total debt (excluding mortgage). ? Lower delinquency levels.
Credit Unions vs. Competitors
2% While credit unions have seen some growth in this space (up
in 2 years)
-- and have expressed interest in growing their personal loan business -- the online
51% lenders and finance companies own this universe with
share.
Personal Loans
Personal Loan Originations Q1 2015
Retail 8% 24% Credit Union
Other 2%
Personal Loan Originations
Q1 2017
Retail
Credit Union
4% 26%
Other 2%
Bank Finance 44% 21%
Finance 51%
16% Bank
Credit Unions vs. Competitors
Credit Card
Banks own this space, but credit unions have seen growth. Credit unions
18% experienced an
increase in card originations from Q1 2015 to Q1 2017,
and total credit limits on newly originated cards from that same period approached
$100B in Q1 2017.
Credit Card Originations -- Q1 2015 Credit Card Originations -- Q1 2015
Bank -- 97% Bank -- 97%
Credit Union -- 3% Credit Union -- 3%
Credit Card Originations -- Q1 2017 Credit Card Originations -- Q1 2017
Bank -- 96% Bank -- 96%
Credit Union -- 4% Credit Union -- 4%
Credit Unions vs. Competitors
7% Credit unions have seen mortgage market share rise
from Q1 2015 to
Q1 2017. Banks have seen a decline in that same period as online lenders start to
take away share, offering a more digital experience.
Mortgage
Mortgage Originations -- Q1 2015
53%
37%
Other
Bank
6%
Credit Union
3% Finance
Mortgage Originations -- Q1 2017
50%
33%
Other
Bank
13%
Credit Union
5% Finance
Credit Unions vs. Competitors Auto
Credit unions have taken an edge in the auto space. Their auto originations have
1.54M 1.93M increased from
accounts in Q1 2015 to
in Q1 2017 -- a
25% increase.
Auto Originations Q1 2015
Finance 21% 23% Credit Union
Auto Originations Q1 2017
Finance 21% 28% Credit Union
Other 1%
Other 1%
Captive 26%
Bank 29%
Captive 25%
Bank 25%
To learn more about the latest in credit union news and solutions, visit
creditunions.
Experian 475 Anton Blvd. Costa Mesa, CA 92626 T: 1 888 414 1120
? 2017 Experian Information Solutions, Inc. ? All rights reserved
Experian and the Experian mars used herein are trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.
VantageScore? is a registered trademark of VantageScore Solutions, LLC.
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