CHICAGO–Alliant Credit Union, which is an all-digital operation, has released its 2023 annual report, which it said shows strong financial performance and “soaring member value vs. traditional banks.”
Alliant said it reported both record dividends paid and record membership growth coupled with substantial member savings by having accounts with Alliant vs. the average national bank, despite an overall tumultuous year for the U.S. economy.
“Through continued investments in its digital-first strategy, technological innovation and a focus on increased member value,” the credit union said.
The Highlights
According to Alliant, some of its 2023 performance highlights include:
- $442 million in member value. “What members earned at Alliant vs. having those same accounts at an average bank. $830 in value per member from low loan rates, low fees and savings rates that are more than five times more than the average national bank,” the credit union said. “As part of its continued member value proposition, Alliant offers high-reward credit cards with up to 2.5% cash back, some of the highest certificate rates in the industry, ATM network/fee refunds and an award-winning mobile app.”
- $439 million in dividends paid. Alliant reported a record dividend payout and a 172% increase from 2022.
- 830,000 members nationwide. Alliant reports a record number of members in 2023, a 52% increase over 2020.
- $1.8 billion net worth. Alliant said its net worth reflects a 40% increase in the last three years.
- $18.5 billion in assets. Assets are up 36% since 2020 to the highest in Alliant’s history.
- $14.4 billion in deposits. Alliant said grew deposits by 29% since 2020.
‘Proud of Results’
“I’m proud of the 2023 results Alliant delivered for its members. We continue to invest in the best digital experiences while maintaining the industry’s best cost structure and delivering the best products, rates, and value to our members,” said the CEO of Alliant Credit Union, Dennis Devine. “2023 was a pivotal year for our economy and for many of our members, and Alliant emerged stronger than ever. Thank you to the Alliant team for their hard work and talent in delivering what is consistently recognized as one of the very best financial institutions.”
Additional Benefits
In addition, to improve the digital-first member experience in 2023, Alliant reported it:
- Launched new certificate structures delivering some of the highest rates in the industry.
- Developed and launched several innovations to its mobile app.
- Helped members stay better informed through improved account alerts.
- Enhanced its online and mobile banking platforms.
- Implemented pivotal digital advancements to enhance security and the user experience.