MADISON, Wis. – Forty percent of nonmembers from every age group indicated they are eligible to join a credit union, according to the "2006-2007 Survey of Potential Members: Opportunities and Challenges in Growing Your Membership" from CUNA.
The survey finds that nearly 79 million adults from all age groups said they were eligible for credit union membership. Jon Haller, director of market research for CUNA's Center for Research and Advice, said credit unions are more likely to grow their membership by attracting new members versus offering more products and services to existing members, citing data from a Filene Research Institute study. CUNA reported the highest percentage of eligible potential members was found either in or near the prime borrowing years of 25 to 44.
CUNA's survey looks at a number of areas including member eligibility, familiarity with credit unions and reasons for not joining. The survey also probes loyalty to nonmembers' current primary financial institutions, delivery channels and differences between members and potential members.
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Haller said with roughly 55% to 60% of nonmembers in every household income group indicating that they are eligible to become members of a credit union, "one can clearly see the benefits of communicating the credit union difference to better attract this market."
The survey also explores the use and frequency of more than 10 common channels for members versus eligible nonmembers; use of financial services including convenience, savings, and loan services; along with loan usage and their outstanding amounts; and bank image, both institutional and staff, and satisfaction levels with each.
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