Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Report Increased loyalty leads to higher loan volume
MADISON, Wis.(12/7/10)--Credit unions that want to improve their lending volume should look to increasing their member loyalty levels, according to a report recently released by the Credit Union National Association (CUNA).
Click to view larger image Click for larger view
CUNA’s Credit Union Member Satisfaction, Growth, and Loyalty benchmarking report shows that its member survey clients say 22% of their members are in the “truly loyal” classification. Those “truly loyal” members satisfy all three of the these requirements:
* They “definitely would” recommend their credit union to others; * They “definitely would” contact their credit union the next time they need a financial product or service; and * They choose the credit union as their primary financial institution.
Click to view larger image Click for larger view
“Loyalty is important because members who are ‘truly loyal’--the highest loyalty level--to their credit union carry outstanding loan balances at their credit union that are nearly 70% higher than those found among less loyal members--$7,749 versus $4,613,” said Jon Haller, CUNA’s director of corporate and market research. Member loyalty tends to increase as asset size increases, with the highest loyalty levels found among credit unions with assets of $500 million or more (See Chart I). Credit unions that monitor loyalty using the SatMetrix Net Promoter Score, can use “promoter group” information in their benchmarking efforts (See Chart II). The report provides the first glimpse at CUNA’s 2010 member statistics data. Accompanying this information are CUNA’s first publicly-released member loyalty and satisfaction benchmarks to help credit unions monitor their performance. The report is designed to help each credit union discover its strengths and weaknesses. The report is available to credit unions for $149 (PDF). To order by phone, call 800-356-8010, press 3, and use the stock number as a reference.


RSS print
News Now LiveWire
Static PPI may stall @federalreserve policy movement #Market #NewsNow http://t.co/TylvvD6HEn
1 minutes ago
Former NFL player Merrill Hoge and CNN hero Chad Pregracke will headline @icul 's Iowa #CreditUnion Convention this week.
2 minutes ago
.@MIBizNetwork interviews @MICreditUnions's Adams on state of #creditunions http://t.co/T6ENMSDR09
28 minutes ago
.@OhioCreditUnion #creditunions lend their voices to #SavingEliza with #Sing2Lines http://t.co/e9B2rfzCm5
59 minutes ago
12,000 cards: That's how many @OneNevada has reissued after #HomeDepotBreach via @reviewjournal http://t.co/8nKE1ZByvM
1 hours ago