By increasing members' loyalty, credit unions may discover opportunities that could improve their lending volume.
That's according to Credit Union Member Satisfaction, Growth, and Loyalty Benchmarking, a new CUNA report. Survey clients showed that 22% of their members fall into a category described as truly loyal. These are members that definitely would recommend their credit union to others, definitely would contact their credit union the next time they need a financial product or service and choose their credit union as their primary financial institution.
Truly loyal members carry outstanding loan balances at their credit union that are nearly 70% higher than those founds among less loyal members, according to Jon Haller, CUNA's director of corporate and market research. The truly loyal member has a balance of $7,749 versus $4,613 for less loyal members, the data showed.