A new report from Aite Group, LLC examines the IT spending priorities of US credit unions over the next 24 months.
The report is based on the results of a survey of 101 credit unions, all with more than $100 million in assets. It is part of a larger Aite Group study of 201 US credit unions, and the second in a series of reports on this market segment.
According to the report, titled “The IT Priorities of US Credit Unions,” credit unions are often early adopters of technology and tend to be more technologically savvy than banks of a similar size. Among the major applications approximately one-third of the top 1, 200 US credit unions are likely to deploy or replace over the next 24 months are commercial lending applications (35%), customer analytics (33%), online cash management applications (27%), core banking systems (27%) and CRM (27%).
The study also found that online account opening, customer analytics and online member service tools are among top priorities. Surprisingly, technologies such as remote deposit (8%) are a low priority.
“In many ways, credit unions’ attitudes toward technology place them at an advantage over many banks, especially community banks, which tend to be more cautious technology adopters. In today’s environment, where technology can help to level the playing field, an aggressive technology strategy is key to survival,” says Christine Barry, research director, Aite Group and author of this report.