Analysis of Operational Efficiency Changes in Credit Unions ：A Comparative Study Before and After COVID－19

[Purpose] This study examines changes in the operational efficiency of Korean credit unions before and after COVID－19, focusing on the effects of external shocks and implications for sustainable management. [Methodology] Using data from 15 regions from 2016 to 2023, the study measured operational efficiency with DEA and applied the Cumulative MPI to separate efficiency changes into internal capability and external environmental factors. [Findings] Operational efficiency declined before COVID－19, improved briefly during the early pandemic, and decreased again after 2021 due to worsening external conditions. While internal capability increased in most regions, the overall decline in efficiency was mainly due to external environmental deterioration. [Policy Implications] Credit unions are highly sensitive to external shocks, so region specific strategies and stronger risk－mitigation systems are necessary. Including external factors in efficiency assessments can support more effective policy design and promote regional financial stability.