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CUNA Survey of Potential Members Finds Loyalty to be a Top Driver in Attracting New Members

Posted: 2011-09-21 00:00:00
Contact: Mark Wolff (202) 508-6764, mwolff@cuna.coop
Amy Nigrelli (608) 231-4246, anigrelli@cuna.coop

MADISON, Wis. (September 21, 2011) — CUNA’s recently released 2011-2012 Survey of Potential Members Report, a strategic document that predicts new membership trends among financial institutions, found loyalty to be a chief driver in generating membership between both banks and credit unions during recent years. However, only credit unions truly benefitted from this loyalty.

“After the meltdown of the banking industry in 2008, the majority of bank advertising focused on portraying an image of a customer-focused, trustworthy institution,” says Jon Haller, director of corporate and market research at CUNA. “Credit unions did banks one better. With their additional focus on helping their members meet their financial goals, credit unions fared better than banks.”

Credit unions reported higher scores than banks on satisfaction levels, sustaining member loyalty and generating business from member loyalty. The Report found that 71% of all respondents who use credit unions claimed to be “very satisfied” with their credit union, slightly higher than the 66% of nonmember bank respondents who were “very satisfied” with their banks.

Loyal credit union promoters had more checking accounts, more loans, higher loan balances, and a higher average number of products/services than their loyal bank counterparts.

“These kinds of findings are very important for credit unions to know—in the credit union industry, loyalty really does translate into increased usage of services,” continues Haller. “This is the kind of information that is useful not only in the board room, but on the front line where employees interact with members. There are many opportunities to make a positive impression on members.”

The Survey of Potential Members Report also sheds light on other important developments in non-member growth. Value, trust and appreciation ranked among the top categories where credit unions had a heavy advantage over banks. Furthermore, the survey revealed that youth and Hispanic markets offer significant growth opportunities.

With the information provided by the Report, credit unions can better understand the current trends relating to non-members' financial behavior and act on these trends in order to increase their member base and improve loyalty for continued growth.

For more information about CUNA's 2011-2012 Survey of Potential Members Report, visit CUNA’s Member Research Resources page.

# # #

About CUNA:
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves 90 percent of America's 7,700 state and federally chartered credit unions, which are owned by nearly 92 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life.  For more information about CUNA, visit www.cuna.org or the CUNAverse blog and follow @CUNAverse on Twitter.  For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter.

 
 
Comments (5)
Posted:2012-04-28 01:01:44
By:Marv
Shifting your existing debt to another loan isn’t the answer. With a bad credit history, you are going to be the target of every loan scam — not just high interest but up front fees.Take a close look at your spending habits and figure out how to cut expenses and increase income. Get a second job — pizza delivery seems to be pretty flexible. Make a strict budget. Elimnate the extras — cell phone, eating out, new clothes, premium cable and internet. Squeeze every penny out of that budget and slap it on your highest interest debt, while paying minimum on the rest. When the highest interest rate debt is paid, move to the next till they are all paid off.It will take 2 or 3 years but you will building a good credit history and won’t have to resort to high interest consolidation loans.

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Posted:2012-04-23 03:57:36
By:Andralyn
Bank on itWith all the hullabaloo recently with “too big to fail” and people occupying streets, many folks have started taking a look at who they let hang on to and invest their money. Traditionally, unless you are like my grandmother and hide money in various odd locations throughout your house, you probably keep your money in a bank. Recently, however, credit unions have been surging in popularity. So what exactly is the difference between a bank and a credit union? Well, both hold on to your money for you and offer you easy access to it, but they do differ in some key ways — let’s take a look.Credit where credit is dueI’m not going to argue one way or another for which is “better,” that’s entirely up to you and your banking needs. What I will do is compare and contrast these two types of financial institution, so you can make your own decision. With that said, here we go.BanksCan be nationwide, even worldwideOperate on a for-profit business modelTypically owned by private investorsGoverned by a board of directors chosen by stockholdersOffer business as well as consumer accountsCredit unionsTend to be regionalOperate as a non-profit financial cooperativeOwned by their members, i.e. their account holdersGoverned by a board of directors chosen by the membersStrongly consumer orientedBecause credit unions don’t need to turn a profit, any interest they earn by investing your deposits is returned to you in the form of a member dividend. They also tend to have lower fees and higher interest rates on savings and checking accounts.Banks have their advantages, too. If you frequently travel or work outside of your home region and require physical access to your financial institution, a nationwide bank might be a better option. Yes, you can withdraw money anywhere, from any ATM with a credit union, but if you need to make a deposit when the nearest one is 500 miles away, this may present a difficulty.The payoffObviously, your particular needs will determine which type of financial institution suits your needs the best. Don’t just automatically assume that one is correct for you based on what I’ve written here — go and do your research. Find out what banks and credit unions are popular in your area, and talk to people about what they like and don’t like about them. When it comes to money, the best decision is an informed decision.

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Posted:2012-04-20 00:35:05
By:Kaylana
Before we answer this one, you need to know that there is an important difference between a credit report and a credit score.Credit report vs credit scoreThe credit report is just like it sounds: A listing of your financial accounts (such as bank accounts and credit cards), where you live, property owned or rented, how much you owe, how well you pay your bills, whether or not you have been sued or arrested, and if you have filed for bankruptcy.Your credit score takes the data from your credit report, and boils it down to a number. The FTC explains it as so:Information about you and your credit experiences, like your bill-paying history, the number and type of accounts you have, whether you pay your bills by the date they’re due, collection actions, outstanding debt, and the age of your accounts, is collected from your credit report. Using a statistical program, creditors compare this information to the loan repayment history of consumers with similar profiles. For example, a credit scoring system awards points for each factor that helps predict who is most likely to repay a debt. A total number of points — a credit score — helps predict how creditworthy you are — how likely it is that you will repay a loan and make the payments when they’re due.A free credit reportBy federal law, Americans can get a free report from each of the three national credit reporting companies every year, or if you’re denied a loan based on your report.Via , you can get your credit report free once every 12 months from the major credit agencies: Equifax, Experian and TransUnion. Do note that the AnnualCreditReport.com site is the only federally-authorized source for the free annual credit report. (.)Getting your credit scoreDuring some mortgage transactions, you can get your credit score information free of charge — contact whoever is making or arranging your loan to find out how.Otherwise, getting your credit score can be a bit like navigating a maze. That’s because you ideally want your FICO score — this is the one that most lenders will be checking to make decisions about your credit. Via , FICO will charge about $20 for one report (but will try to sell you various other services, so shop carefully).The Fair Credit Reporting Act (FCRA) also gives you the right to get your own credit score from the national credit reporting companies. They are allowed to charge a “reasonable fee” — usually about $8 — for the score.Do be aware that the “big 3″ credit agencies will also try to upsell you on credit monitoring and other subscription services — and may make it hard to find the information you need for the single, low-cost report. Here are some direct links to help:Equifax: , call 1-877-SCORE-11Transunion: Get your credit score via  or call 1-800-888-4213. .Experian: Does not currently make a FICO score available via this program, but offers their own proprietary scoring system to consumers — which, depending on your needs, may not be as much help.That’s good karmaAs a free option, check out  — a free consumer service offering credit simulators, free credit scores (not FICO, but the TransRisk New Account Score and VantageScore from TransUnion), score comparisons and more to help you actively manage your credit and financial health.The upside to the hassleHaving good credit can certainly make your life easier — but you need to be organized and efficient with your bill paying chores to stay on track. , and also remind you that whenever entering personal or other sensitive data on a computer, ensure that the connection is secure (look for the lock icon on the web page). Furthermore, if you’re connected to the internet through wifi or a router, confirm that it is password-protected and the signal is encrypted ().

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Posted:2012-04-10 08:30:28
By:Baskar
Shifting your existing debt to aonhter loan isn't the answer. With a bad credit history, you are going to be the target of every loan scam not just high interest but up front fees.Take a close look at your spending habits and figure out how to cut expenses and increase income. Get a second job pizza delivery seems to be pretty flexible. Make a strict budget. Elimnate the extras cell phone, eating out, new clothes, premium cable and internet. Squeeze every penny out of that budget and slap it on your highest interest debt, while paying minimum on the rest. When the highest interest rate debt is paid, move to the next till they are all paid off.It will take 2 or 3 years but you will building a good credit history and won't have to resort to high interest consolidation loans.

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