MADISON, Wis. (3/6/12)--About 80% of credit unions surveyed believe payment protection products are a good value for their members and increase their comfort level in obtaining a loan, according to a white paper published by CUNA Mutual Group.
"Payment Protection: Member Value, Marketing Combine for Win-Win" examines credit unions' perceptions of payment protection products, their importance to members, cross-selling perceptions and sales culture. Research showed that, in addition to accommodating members' financial needs, payment protection also addresses the loss of non-interest income for credit unions. More than 330 credit unions were included in the research.
Some statistics uncovered by the 2011 report include:
- About 92% of surveyed credit unions say a cross-sell culture is very important to their success;
- Only 33% of the credit unions surveyed say they are satisfied with their cross-sell efforts;
- Roughly 59% of these credit unions' members look to their credit union for help or advice regarding their financial situation, with members seeking information on financial products and services; and
- About 83% of credit unions say members will repurchase once they've been sold a product.
A PDF of the white paper can be found on CUNA Mutual Group's web site. Use the link. Also, Rich Trace, director, product management, CUNA Mutual Group, provides an overview of the white paper's findings in a short video. Use the link.