Other key findings based on Cornerstone's survey of credit union executives included the following:

Seventy percent of credit unions named growing retail deposits as a high priority in 2023 – nearly four times the 18% that said so in 2022.
In 2022, 32% of credit unions said they expected to select a new or replacement consumer digital account opening app, and 10% a commercial/small business digital account opening app. However, only 15% and 2% did so, respectively. This year, more credit unions said they planned to select a new or replacement commercial/small business account opening app (14%), while 30% said they'd be selecting a new or replacement consumer digital account opening app.
Another unfulfilled promise concerned real-time payments. Last year, 24% of credit unions said they planned to implement RTP, but in this year's survey, only 12% said RTP had been implemented. Thirty percent of credit unions said they plan to implement RTP in 2023 and 35% in 2024 or later, while 23% said they don't know when they'll implement it and 1% don't plan on doing so at all.
Auto lending continues to be critical to credit union performance. Most credit union executives (68%) named auto loans as their highest-priority loan type in 2023, up from 63% in 2022. Next on the list were home equity loans/lines of credit, which 59% of credit union executives named as a high priority, followed by commercial real estate loans (33%).
Heading into 2023, 87% of credit unions have launched a digital transformation strategy and 10% plan to develop one this year.
Sixty-three percent of credit unions said they have adopted application programming interfaces (APIs) and 30% have adopted chatbots. By comparison, 53% and 18% of banks have adopted these two respective technologies.
About half of credit unions (51%) believe 2023 will be more favorable for M&A activity compared to 2022, while 39% believe it will be no more or less favorable and 10% believe it will be less favorable.
Credit unions plan to invest less in fintech partnerships in 2023 ($1.1 million) compared to 2022 ($1.19 million). Banks, however, plan to invest $3.98 million in fintech partnerships in 2023, compared to $2.98 million in 2022.

Instant Insights /

Interest Rates Top List of 2023 Concerns for CU Leaders

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