Florida's credit unions share their industry's struggles to grow but overall are in better health than their peers nationally, according to fourth-quarter data from the National Credit Union Administration.
Credit unions nationally risk attrition in their members' accounts. Member satisfaction has diminished, and more customers are shifting savings and checking to multiple institutions, JD Power reported in March.
JD Power's 2026 U.S. Credit Union Satisfaction Study did find that while "some cracks in the credit union member experience are starting to emerge" in the form of a four-point drop in overall customer satisfaction and lower loyalty metrics, credit unions overall score better than U.S. retail banks.
Says Dann Allen, senior director of customer solutions at JD Power, "JD Power has identified a 'soft switching' phenomenon taking root throughout the banking sector, as more consumers open second and third accounts with other financial institutions and gradually shift more funds into those accounts."
Meanwhile, the average credit union member is in their early 50s, according to a McKinsey & Co. study, cited in the Credit Union Times. A McKinsey survey in 2023 found that banks were taking share from credit unions in new deposit accounts as they did better at facilitating digital opening of accounts online.
"The next five years will determine whether credit unions remain a vital part of the financial landscape or become a legacy remembered fondly by aging members," according to a column in the Credit Union Times. — By Mike Vogel