Ignorance Is Not Bliss; It’s Negative Growth
Among nonmembers, awareness has always been low. We were disappointed it fell.”
Those were the words of Jon Haller, CUNA director of corporate and market research, when discussing the results of two new CUNA reports with me.
This is where CUs can take a page from the banks: CU member satisfaction dipped two percentage points while member satisfaction with banks jumped 10 percentage points. Banks have been marketing hard core to improve their image, and it is working on your members. The bank statistics came from CU members who also use banks.
During the economic crisis, members’ distrust of banks boosted CUs as primary financial institutions from 42% of members considering the CU their PFI in 2009 to 57% in 2011. At the same time, members considering a bank their PFI dropped from 56% to 42%. This is good news, but Haller cautioned, “It’s dangerous to assume they’ll continue to use credit unions at the same or higher level.”