NerdWallet is predicting that in 2012 credit unions will focus primarily on pushing auto loans while banks put their efforts into shedding unprofitable customers.
The credit card search site compiled a list of consumer finance-related predictions for the New Year. In addition to predicting credit unions will go after auto-loan share hard, the company expects credit unions will drop auto loan rates even further.
While New York-based NerdWallet didn’t make it a formal prediction, the company said it expects that next year more customers will migrate to credit unions to get better rates for mortgages and credit card purchases, as well as car loans.
NerdWallet’s “Top Five Predictions for 2012:”
1. Banks will aggressively cut costs on deposit accounts, particularly by shifting from brick-and-mortar to online banking.
2. Banks will try to shed unprofitable customers: those with low checking balances, who tend to be students or low-income.
3. Banks will push “relationship banking” to turn a profit on deposit accounts.
4. Credit card bonuses reached unprecedented levels in 2011; those records will shatter in 2012.
5. Credit unions will fiercely market their auto loans and credit cards, keeping their rates competitive relative to banks and possibly lowering them even further.
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