Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Filene research Whos joining CUs What do they want
MADISON, Wis. (8/27/08)--"Who's joining credit unions?" is the key question addressed in new research from the Filene Research Institute that delves into how new members are different from legacy members. For years, credit unions knew the needs of their members because the members shared a common experience based on employment, affinity groups and close-knit communities, says the study's author, George A. Hofheimer, chief research officer at Filene. "A shift to community credit unions allows more consumers to enjoy the benefits of credit union membership, but it also leaves credit unions with a complexity of a much more heterogenous membership," he said in the report, "Who's Joining Credit Unions?" The study examines data from more than 90 credit unions and divides members according to their length of membership at the credit union. New members, for example, are those who have been with the credit union two years or less. The study also asks:
* Do new members look different than legacy members? * Do they use different products? * Do they behave differently? * Do they want different things?
New credit union members, says the report, tend to be:
* Younger; * Lower-income; * Driven to credit unions by recommendations from friends and family; * Influenced heavily by the perception of convenience, but they are not necessarily heavy users of convenience access points such as branches and ATM networks; * Low-deposit and low-loan volume consumers; and * Less aware of complex product offerings and delivery channels.
The research report will be available via Filene's website soon.
Other Resources

RSS print
News Now LiveWire
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
45 minutes ago
#Creditunions in PA and NJ hosted retirement fairs this week @PCUA and @NJCUL report.
1 hours ago
.@TheCCUL's Radebaugh suggests 2nd #RBC comment period in letter to @TheNCUA #NewsNow http://t.co/RylFuynT6g
1 hours ago
#NewsNow today Herring legacy carried forward with merger http://t.co/oMqGADmo0d
3 hours ago
.@MICreditUnions-supported electronic lien titling bill unanimously passes Assembly, on way to Senate http://t.co/6He1JG2ucr
4 hours ago