Since 2010, the credit union market has shrunk by a third. NCUA, Raddon® and other sources all predict that aggressive consolidation will continue over the next five years, predominantly through acquisition. As more credit unions come together, more than just technology must merge.
For credit union leaders, "consolidation" is more than a buzzword. Many of the remaining credit unions have stayed in business – or grown – by merging with other member-focused financial institutions. Beyond technology, merging institutions need to focus on nontechnical factors that heavily influence a merger's success.