After strong second quarter, credit unions nationwide can benefit from cash counters
Canada's credit unions can continue their recent trend of success and efficiency through the use of cash counters. Canadian credit unions and caisses populaires, financial institutions analogous to credit unions primarily located in Quebec, have the task of being in daily competition with traditional banks. Having the ability to meet member demands and address their needs is important if credit unions wish to vie for the support of Canadian residents.
But according to the Canadian Credit Union Association's National System Results for the second quarter 2017, the thousands of credit unions affiliated with the CCUA have largely performed well over the last year.
Cash counters could help credit unions continue their success nationwide
The CCUA is a trade organization that assists Canadian credit unions by handling regulatory issues and providing them with relevant information. Its report mostly focused on credit unions and caisses populaires that are official members of their collective.
The CCUA marked a total of 275 credit unions and caisses populaires affiliated with it in the country. Collectively, the institutions made up 1,819 brick-and-mortar, locations which was an increase of six since the first quarter of this year.
Affiliated credit unions totaled $209.6 billion in assets, a 6.9 per cent - or $13.6 billion - increase over the second quarter of 2016.
The amount deposited by Canadians totaled $179 billion. This was a 6.2 per cent - or $10.4 billion - increase over the previous year's sum.
Overall membership at applicable credit unions reached 5.6 million, with 2 million members located in British Colombia.
With millions of Canadians having made billions of dollars in deposits over the last year, credit unions all over the country have had to handle member currency in large numbers. Having infrastructure to accommodate the needs of members is a necessity if credit unions are to sustain growth. Tools such as cash counters can help countrywide credit unions manage their member funds and produce member satisfaction.