According to new research, those credit unions that provided investment services to their members in 2013 experienced a 9% increase in penetration, beating out banks.
The finding came from Kehrer Bielan Research & Consulting's 2013-2014 Kehrer Bielan Credit Union Investment Services Benchmarking Study, which culled data from 905 credit unions with investment services offerings and a survey of a sample of 46 credit unions about the workings of their investment services businesses.
"The typical credit union in our survey generated $1,514 in revenue from investment sales per million of member deposits, compared to $1,384 per million of consumer deposits for the banks in our survey of large banks that own their own broker dealer," said Tim Kehrer, director of the survey and a senior research analyst at KBR&C.
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