Survey: Delivering on Difference Key to CU Member Loyalty
A new myCUsurvey report says that when it comes to credit unions, members are looking for a true banking alternative.
The report is based on a recent survey that shows that that asset size and number of branches don’t impact member satisfaction as much as the in-branch experience and relationships fostered at credit unions.
In addition, with nearly 75% of all credit union members age 50 or older, and those under age 35 as the least satisfied of all members, credit unions have some work ahead in recruiting and better serving young consumers, the survey found.
“Clearly, this member satisfaction survey reveals that credit union members are seeking something different from their credit union relationship,” said Dr. Jack Bieda, founder of myCUsurvey in Emeryville, Calif.
“Any organization strives for 100 percent customer satisfaction, and for credit unions to improve their members satisfaction, they have to ask themselves how to engage more effectively with members, especially younger members, to give them the experience they want and keep them coming back,” Bieda said.
The myCUsurvey Credit Union Member Satisfaction Survey polled more than 5,000 credit union members nationwide.
Measuring six key areas, including likelihood to recommend, branch satisfaction, service satisfaction, and employee satisfaction, other surveys, including an Overall Satisfaction Survey, Loan and Services Survey, Competitive Survey, and Lost Account Survey, are slated for release later this year, Bieda said.