In a recent article written by Richard Gallagher, CEO of Oak Tree Business Systems, Inc., Rich gives us his wise, admiring thoughts on new opportunities that have arisen in today's economic growth. The greatest thing about the credit union industry is that there are many ins and outs within certain situations, and we need to be ready on how to tackle any action coming our way. Sit back, relax, and enjoy this excerpt:
"Credit unions have done well to grow their footprint among banks, captives, and finance companies. Of the nearly $73B total loan balance increase between 2017 and 2018, credit unions accounted for more than 44% of the industry’s growth. Only finance companies bettered the growth of credit unions with a $39.6B increase. Although the total amount financed by credit unions has increased, the market share of the number of both new and used units has declined. Through Q1 2019, credit unions lost 1.4% of the total pie of units financed from a year ago."
Numbers never lie. The greatest thing about this is that the numbers tell us a story. It reveals either the ups or downs and gives many people encouragement on how to meet certain goals. Every motivated business employee has a goal in mind they wish to succeed, so being able to match up to the market or go beyond the markets numbers will entirely sit on how you perceive/initiate the steps leading up to that outcome — of course, keeping in mind the delicacy of the economic standings.
To continue reading, head over to CUESHERE.