Demand for digital-first wealth management services is growing. And the stakes — customers' financial wellbeing and future prosperity — make wealth management a natural fit for credit unions, with their community-focused ethos and the high levels of trust they enjoy.
Yet, our research consistently finds credit unions lagging behind both incumbents and challengers when it comes to digital wealth management capabilities.
Seeing as the top 4 national banks — Citi, JP Morgan Chase, Bank of America, and Wells Fargo — dominate the US market, and challengers are steadily gaining momentum, this is a missed opportunity for credit unions to carve out more space and revenue.
Here's a look at where credit unions' digital wealth management capabilities currently stand and what their options are moving forward, based on the latest data from our digital banking research platform FinTech Insights.