FOR IMMEDIATE RELEASE
Contact: Mark Wolff
MADISON, Wis.-Credit unions wanting to improve their lending volume should look to increasing their member loyalty levels to help achieve that objective. "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,' states Jon Haller, CUNA's Director of Corporate and Market Research.
CUNA's recently released Credit Union Member Satisfaction, Growth, and Loyalty benchmarking report shows that its member survey clients have 22% of their members in the "truly loyal" classification. That is, those members satisfy all three of the following requirements:
1) They "definitely would" recommend their credit union to others;
2) They "definitely would" contact their credit union the next time they need a financial product or service; and
3) They choose the credit union as their primary financial institution (PFI).
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 (Figure I).
If you monitor your loyalty measures using the SatMetrix Net Promoter® Score, you can use "promoter group" information in your benchmarking efforts (Figure II).
The Credit Union Member Satisfaction, Growth, and Loyalty benchmarking 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 your credit union monitor its own performance. This report will help your credit union discover its strengths and-perhaps more important-areas where there might be room for improvement.
The Credit Union Member Satisfaction, Growth, and Loyalty report is available to credit unions for $149 (PDF). For more information or to order online, visit buy.cuna.org, and enter stock number 29856P in the product finder search box. To order by phone, call (800) 356-8010, press 3, and use the stock number as a reference.
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