There was good news and there was bad news in CUNA’s recent "National Member Survey" and accompanying "Survey of Potential Members".
Credit union membership growth has been on a downward trend comparing the last new decades but there was a small bump up to 1% growth for 2011. Additionally the number of credit union members ages 18-24 increased from 6% of members to 9%. Still that only accounts for 23% of consumers in that age group.
Meanwhile, the window of opportunity created by the financial crisis and distrust for banks is closing on credit unions while at the same time, credit unions experienced decreased awareness. CUNA’s director of corporate and market research, John Haller, attributed that in part to budget cuts in marketing and other work that bolsters awareness.
Interestingly, the CUNA research also showed that a convenient location to their homes would be the most important factor in converting a nonmember. The surveys also looked at how consumers use banking channels and what might make them change primary financial institutions.
CU Times Editor-in-Chief Sarah Snell Cooke shared some thoughts on the survey results in her column, and here is a slide show with some more highlights.