Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
CUNA survey shows how to attract new members
MADISON, Wis. (9/22/11)--The Credit Union National Association's (CUNA) recently released 2011-2012 Survey of Potential Members Report--a strategic document that predicts new membership trends among financial institutions--found loyalty to be a chief driver in generating membership for credit unions and customers for banks during recent years. However, only credit unions truly benefitted from this loyalty. “After the meltdown of the banking industry in 2008, the majority of bank advertising focused on portraying an image of a customer-focused, trustworthy institution,” said Jon Haller, CUNA director of corporate and market research. “Credit unions did banks one better. With their additional focus on helping their members meet their financial goals, credit unions fared better than banks.” Credit unions reported higher scores than banks on satisfaction levels, sustaining member loyalty and generating business from member loyalty. The report found that 71% of all respondents who use credit unions claimed to be “very satisfied” with their credit union, higher than the 66% of nonmember bank respondents who were “very satisfied” with their banks. Loyal credit union promoters had more checking accounts, more loans, higher loan balances and a higher average number of products/services than their loyal bank counterparts. “These kinds of findings are very important for credit unions to know--in the credit union industry, loyalty really does translate into increased usage of services,” Haller said. “This is the kind of information that is useful not only in the board room, but on the front line where employees interact with members. There are many opportunities to make a positive impression on members.” The report also sheds light on other important developments in non-member growth. Value, trust and appreciation ranked among the top categories where credit unions had a heavy advantage over banks. Furthermore, the survey revealed that youth and Hispanic markets offer significant growth opportunities. With the information provided by the report, credit unions can better understand the current trends relating to non-members’ financial behavior and act on these trends to increase their member base and improve loyalty for continued growth, CUNA said. For more information about CUNA’s 2011-2012 Survey of Potential Members Report, use the link.


RSS





print
News Now LiveWire
The U.S. Court of Appeals restored NCUA lawsuit v. Barclays Capital that charged misrepresenting quality of $550M IN RMBS. See News Now Wed.
11 hours ago
Registration is now open for the online livestreaming of @TheNCUA March 19 open board meeting. http://t.co/yOuqdXHlxj
16 hours ago
Registration is now open for online viewing of @TheNCUA's March 19 board meeting. https://t.co/mMZoXSFjMe
16 hours ago
.@CFPB Director Richard Cordray's testimony that he will deliver before the #HFSC this afternoon. http://t.co/NA1aEOPAeh
17 hours ago
Consumer spending flatlines, savings ramp up #Market #NewsNow http://t.co/94kPuBpMRK
18 hours ago