Vol. 11. No. 7
February 16, 2000
Calls for credit unions to be more convenient and Web-oriented in order to grow dates back to at least 10 years ago.
Credit Union Times looks back to a study conducted in 2000 that showed that credit union members are more online oriented than nonmembers. The CUNA/PSI Global study showed that more than half of all credit union members, 55%, were online compared to 37% of nonmembers.
Mark Condon, senior vice president of association services for CUNA, said in the article that if credit unions are going to continue to grow they have to have an online strategy.
At the time, 63% of members between the ages of 25 and 44 were likely to use the Internet and 61% of members between the ages of 45-54 were online.
The study also found that most members using online banking were new to it, but most were aware of their credit union's online services. Most online banking users were using the service to check account balances, only 6% were using it to pay bills.
Despite the active online activity among members, at the time, only 21% of all credit unions had a Web site and only 6% offered Internet banking.