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Business woman looking at chalkboard growth chart Ahmet Misirligul

There are dozens of large banks and other lending institutions that maintain a significant market share of the financial ecosystem – but despite the wide reach of these organizations, credit unions remain an indispensable part of the economy. Part of what makes credit unions indispensable are the positives that many tend to associate with them. Their firsthand knowledge of the community, lower loan rates and unparalleled customer service provide credit unions with a leg up on the competition. Unlike traditional banks and lending institutions, credit unions can offer customized products and credit assistance programs that meet the specific needs of their members.

Despite these advantages, there are inherent challenges that credit unions must overcome. Oftentimes, credit unions lack the resources of their larger counterparts, and must navigate geographic limitations and a smaller prospect pool due to their field of membership restrictions – which can be problematic for membership growth and ultimately loan and deposit activity. In an industry that relies heavily on lending to generate revenue, membership and deposits are critical to a credit union’s viability.

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