Credit unions that offer fewer digital services are losing assets, according to a new study by financial product comparison site MagnifyMoney.
Using data from December 2015 NCUA Call Reports to measure credit unions' digital capabilities on a scale of 0 to 100, the study found that credit unions with the highest digital adoption scores (75 to 100) grew their assets in six months by 3.85%, versus just 0.23% for credit unions with scores of 25 to 50. Assets shrank 1.12% for credit unions with scores below 25. Membership also shrank 1.37% for credit unions with scores of 25 to 50 and shrank by 0.24% for credit unions with scores below 25.
"This sends a clear warning to credit unions: If you want to grow and prosper, you will need to invest in digital capabilities," the study said.
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