Following the publication by the Department of Finance of the Consumer Sentiment Banking Survey Report today, Kevin Johnson, CUDA CEO said “We are delighted to see a 20% increase in the number of consumers using the services of credit unions (up from 30% in 2023 to 36% in 2024). With the widespread rollout of digital services across the sector and the increase of new products from current accounts to mortgage and business loans, this significant increase in consumers accessing our services isn’t that surprising.
Furthermore, given the changes in the pipeline, we expect the numbers using credit unions to increase even more. This autumn for example will see Irish credit unions become an even stronger contender in the Irish mortgage market. Thanks to legislative changes signed last February, in the last three months of this year, every credit union in the country will be able to offer mortgages as credit unions will be able to refer mortgage applications to other credit unions should they not be in a position to provide a mortgage themselves. As this will be the first time ever that credit unions will be able to do so, this will be a watershed moment for credit unions and one that will see them eat into more of the banks’ market share in the coming years.
Credit unions will also be able to refer applications for other products to another credit union – such as business loans, current accounts and debit cards. Credit unions will essentially be able to partner with other credit unions to offer their members a wider selection of products.
Ultimately, it will be consumers who will be winners if credit unions can eat into more of the banks’ mortgage pie – and indeed if more credit unions are used by consumers for their day-to-day financial services. Credit unions are member-owned financial institutions, so each credit union is essentially owned by consumers, with consumers at the heart of the decisions made by these organisations. This is one of the reasons credit unions can be relied on to provide affordable financial services to their members, with any surpluses reinvested to benefit their members.”
Kevin Johnson, CEO of the Credit Union Development Association (CUDA)