Bank on it: Consolidation and a larger asset base will allow credit unions to compete with banks
IBISWorld’s Credit Unions market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.
Industry Statistics & Market Size
Annual Growth 08-13
Annual Growth 13-18
Industry Analysis & Industry Trends
Despite financial uncertainty and a tighter lending environment, credit unions have managed to achieve moderate growth over the past five years. Nevertheless, rising external competition is leading credit unions to consolidate, which has allowed them to reduce labour costs and take advantage of new technologies. Over the next five years, consolidation will continue to help credit unions achieve economies of scale and increase their asset base. With increased size, they will be able to compete better on fee pricing and interest spreads... purchase to read more
Industry Report - Industry Products Chapter
Residential mortgages are expected to account for about 53.4% of industry revenue in 2013. Residential mortgages include mortgage product offerings for home purchases and refinancing options for existing homeowners. Credit unions offer mortgages in the common formats of 15-year or 30-year installments with fixed or variable interest rates. While credit unions collect fees for the origination of a mortgage, the majority of revenue comes from interest income and other servicing fees (i.e. late fees). In 2012, interest rates remained at historical lows, causing Canadians to choose variable-rate mortgages... purchase to read more
What is the Credit Unions Industry?
This industry consists of financial institutions known as credit unions and caisses populaires. These institutions are member owned and provide banking services, mainly deposit taking and lending, to these same members.
Residential mortgagesConsumer loansBusiness loansCommercial loans
Accepting members' share depositsOffering members consumer loans