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Credit Unions - IrelandPublished by: Mintel International Group Ltd. Published: Jun. 1, 2005 - 61 Pages Table of ContentsIntroduction Definitions Geographical, national and regional definitions Conversion factors BMRB Target Group Index sample sizes Abbreviations Executive Summary All-Ireland credit union membership nears the three million mark - but RoI levels are higher A clear gap exists between ownership and usage of credit union accounts The expanding appeal of the credit union movement Economic outlook paints a complex picture for credit unions New product development and distribution channels represent key areas for credit union movement Market Drivers Increasing consumer expenditure has far-ranging implications Figure 1: Health of the economy, percentage growth, NI and RoI, 2002-05 Opportunity for savings in RoI, but savings may suffer in NI Lower interest rates point to a more pragmatic outlook for credit unions Figure 2: Interest rates for household deposits* and loans**, RoI, Jan 03-Jan 05 Figure 3: Bank of England base rates, 1997-2004 Increasing professionalism of credit unions Diversification of products and services is crucial for future success Negative press surrounding the banks offers opportunity for credit unions to emphasise their ethical USP Expected decline in volunteer figures threatens credit union membership Figure 4: Employment and volunteerism of credit union movement, all-Ireland, 2004 Aside from all the extras, credit unions are also competitive on rates Figure 5: Dividend rates paid by credit unions, 2000 and 2004 Market Size and Segmentation Number of credit union members continues to grow Figure 6: Membership of credit unions, all-Ireland, 2000-04 Savings Figure 7: Total savings in credit unions, all-Ireland, 2000-04 Loans Figure 8: Value and volume of new credit union loans advanced, RoI and NI, 2001-03 Figure 9: Average size of loans held with credit unions, RoI and NI, 2000-04 Insurance products Supply Structure Credit Union Associations Credit Union Development Association (CUDA) Irish League of Credit Unions (ILCU) Ulster Federation of Credit Unions (UFCU) Credit union profiles Bishopstown Credit Union Derry Credit Union Health Services Staffs Credit Union Newbridge Credit Union Tullamore Credit Union Distribution Branch banking ATM banking Direct banking Credit union members more likely to use direct banking; a quarter have used telephone banking and one in ten has used Internet banking Figure 10: Awareness and usage of telephone and Internet banking, RoI and NI, 2004 The Consumer Lifestage definitions and population sizes Figure 11: Lifestage definitions and lifestages as % of population, RoI and NI, 2004 Ownership of credit union accounts One in two RoI consumers owned a credit union account in 2004… …while in NI, the level was one in five Religion key to credit union membership in NI - Catholics four times more likely to have a credit union account than Protestants Figure 12: Penetration of credit union accounts, by age and socio-economic group, RoI and NI, 2000 and 2004 Credit union movement expands its appeal among older consumers… …and among the more affluent Lifestyle commitments correspond with higher tendencies to have a credit union account Figure 13: Penetration of credit union accounts, by marital status, working status and lifestage, RoI and NI, 2000 and 2004 Usage of credit union accounts Half of RoI and NI credit union account holders show little activity Are credit unions more popular with women? Figure 14: Consumers who have a credit union account and have used it within the last 12 months, by gender, age and socio-economic group, RoI and NI, 2000 and 2004 Similar trends in ownership and usage of credit union accounts Figure 15: Consumers who have a credit union account and have used it within the last 12 months, by marital status, working status and lifestage, RoI and NI, 2000 and 2004 A need for fresh blood - for volunteers and for business Sources of credit Credit union members show higher appetite for credit Figure 16: Credit facilities used in the last 12 months, RoI, 2004 No surprises as credit union account users exhibit preferences for non-bank and building society loans Link between credit cards and credit union usage NI credit union members more likely to buy now, pay later, providing a contrasting scenario with RoI Figure 17: Credit facilities used in the last 12 months, NI, 2004 Catalogues are a popular form of credit for NI credit union users Infrequent users need to be reminded of benefits of using credit unions for credit Converting the unconverted requires analysis of their credit consumption Account activity RoI credit union members more likely to have put money away than non credit union members Figure 18: Financial activity within the last 12 months, RoI, 2004 NI credit union members twice as likely to switch current accounts… Figure 19: Financial activity within the last 12 months, NI, 2004 …and as with RoI credit union members, they are more likely to save money Ownership of other financial products Ownership of health insurance higher among credit union members in RoI Over a third of RoI and NI credit union members took out holiday or travel insurance in 2004 Figure 20: Ownership of other financial products, RoI and NI, 2004 Credit union members are well covered for life insurance; distinct differences in how life insurance is arranged, North and South Building and contents insurance higher on the agenda for credit union members, particularly in NI Attitudes to finance Credit union members are more likely to be ‘debtors’ with their credit cards Figure 21: Agreement with statements about attitudes to spending habits, RoI, 2004 Indications that credit union members in RoI are reining in their finances Credit union members in RoI are the money managers Cross-selling opportunities for insurance and pension products Figure 22: Agreement with statements about attitudes to personal finance, RoI, 2004 Increased financial awareness among credit union members provides scope for ownership of additional financial products Locality and relationships key for RoI credit union members In NI, non-frequent credit union account users show signs of financial fecklessness… …while the more frequent users appear to be more careful with their finances Figure 23: Agreement with statements about attitudes to spending habits, NI, 2004 Non-members in NI exhibit an ambivalence towards personal finance Figure 24: Agreement with statements about attitudes to personal finance, NI, 2004 Credit union movement needs to increase ‘touch-points’ with less frequent account users in NI Company ethics important for RoI and NI credit union members, though ethical behaviour is important for the overall majority Figure 25: Attitudes to company ethics, RoI and NI, 2004 The Future Regulatory changes on their way Opportunities offered by projected demographic shifts Increasing bank branch rationalisation to open the door for credit unions? Enhanced product and service range signals credit union movement’s intent to challenge other financial institutions Forecast Steady growth expected in credit union membership in RoI and NI Figure 26: Forecast number of credit union members, RoI and NI, 2004 AbstractThe credit union movement has established a considerable presence in the all-Ireland financial services industry, with consumer data within this report showing that half of the RoI adult population and 20% of the NI adult population claimed to be a member in 2004. In a departure from other reports, this report examines the credit union movement on an all-Ireland basis, looking at its role as a player in the financial services market, discussing its response to changing industry conditions and analysing the behaviour and attitudes of credit union members, to reveal insights into the appeal of the credit union movement.Get Full Details About This Report >> |
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