Higher Member Loyalty May Improve Lending Volume
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.