Younger CU Members Are Less Satisfied
A new survey has found that when it comes to member satisfaction, credit unions have some work to do.
Released by MyCUsurvey.com, the survey of 5,000 credit union members across the country conducted in late fall 2010 revealed three key factors that show that credit unions are at risk and need to dramatically improve satisfaction among newer and younger members.
According to the survey, there is a negative correlation between the age of credit union members and customer satisfaction, with a 30-point difference in satisfaction ratings between younger members and those over age 65.
The survey also found that branches still matter. Members who visit their branch at least once a week demonstrated 10 points higher satisfaction than members who visit a branch less frequently and 14 points higher than members who never visit their local branch.
In addition, opportunity knocks as far as increasing credit unions’ efforts with new members. Newer members are not nearly as satisfied with their credit union as are members who have been customers for some time. The survey showed a 15-point spread in satisfaction ratings between those who had been members for one year or less and those who belonged to the credit union for 10 years or more.
"The convenience of Web and mobile banking and other trends are undermining credit union member satisfaction. It’s clear that credit unions need to find a way to attract younger members and get members to visit their branches for a more personalized banking experience in order to cement the member relationship," said Jack Bieda, founder of MyCUsurvey.com.
The benchmarking data measures six key areas, including overall satisfaction, willingness to recommend, interior branch satisfaction, exterior branch satisfaction, employee satisfaction and service-level satisfaction. Developed specifically for credit unions, MyCUsurvey results are broken down into three classifications: national, regional, and by asset size. According to Bieda, with the national survey, which will be updated every six months, credit unions can assess their own member satisfaction against national, regional and like-sized credit unions.
Launched by PinPoint Research, MyCUsurvey.com has been positioned as a turnkey approach to customer satisfaction surveys and will work with member outreach programs ranging from direct mail and statement inserts to e-mail.