How are credit union professionals like meteorologists? Both need to look out for changes in seasonal patterns. For credit unions, however, those patterns represent consumer behavior that can give insights into how to meet member needs. This holiday season’s consumer patterns show overall tightening of budgets, but with pockets of increased spending among younger generations, especially via digital channels. Meanwhile, fraud temperatures are rising and heating up the need for consumer protections.
Years of experience in collections services has shown me the importance of being proactive about member debt. Addressing potential delinquencies before they can happen fosters more financially healthy members and increases their trust in your credit union. Staying on top of debt trends can help with this goal. Below is a brief breakdown of the latest debt trends that could impact your members and practical steps your credit union can take to help.
In 2025 and 2026 there will be significant mandates and changes impacting ATM’s for credit unions. Envisant, in partnership with Meirtran, is here to help.