What happens when credit union members move away?
A new survey by The Filene Research Institute tracked 862 people who moved to a different U.S. city between 2011 and 2014 and found that 69 percent of them did not change their financial institution.
Of the survey respondents, 80 percent were female, and 45 percent were between the ages of 18 and 29. The young demographic highlighted its preference for staying with their current credit union through the assistance of online tools, rather than changing after their move because local branches were no longer convenient.
Technology key to keeping customers
According to the U.S. Census Bureau, the average American moves once every five years. In 2012 and 2013, the Bureau reported that 12 percent of the population – or 36 million people – relocated. Many moved within the same county or state, but others went to a completely different part of the country. No matter where they moved or what their reason for relocating was, the majority of survey participants opted to stay with their credit union.
