MADISON, Wis. — CUNA is working to bridge the gap between member use of credit union products and member loyalty.
"We've found over the years that credit unions that have loyal members as opposed to satisfied members are more successful with everything they do," said CUNA Sales Culture Development Director Angela Prestil. "There is a huge difference in the types of product penetration when you have a truly loyal member. It is not about getting rid of nonprofitable members, since we know that a small percentage, about 8% of members, generate 127% of the credit union profit. Our goal is to see how we can increase the percentage of loyal members."
She added that retaining 5% of the most profitable members can boost profits by 100% and moving just 5% of existing members from "satisfied" to "loyal" can increase income by 20% to 75%.
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