EMERYVILLE, Calif. (3/15/11)--Older and long-time credit union members are more satisfied with their credit unions than younger, newer members are, according to a national survey of members. Roughly 5,000 credit union members were surveyed last fall, according to MyCUsurvey.com, an online phone and Web-based member research tool for credit unions. The survey was designed to provide a benchmark against which credit unions can gauge their own performance. The survey revealed three key factors that indicate credit unions could be at risk and need to improve satisfaction among newer, younger members. The factors are member age, frequency of branch visits and length of membership. Among the findings:
* Members older than age 65 were 30 points more satisfied with their credit unions than members under age 30. * Members who visited their local branch at least once a week demonstrated 10 points higher satisfaction than those who visited less frequently and 14 points more than members who never visit their local branch. * Newer members are not as satisfied, with a 15-point spread in satisfaction ratings between those who had been members for one year or less, and those who belonged to the credit union for 10 years or more.
The findings are "critical indicators for the credit union industry," said Dr. Jack Bieda, founder of MyCUsurvey.com. "The convenience of Web and mobile banking and other trends are undermining credit union satisfaction. It's clear that credit unions need to find a way to attract younger members and get them to visit their branches for a more personalized banking experience in order to cement the member relationship," he added. The benchmarking data, which is updated every six months, measures overall satisfaction, willingness to recommend, interior branch satisfaction, exterior branch satisfaction, and service-level satisfaction. MyCUSurvey.com was launched by PinPoint Research. Surveys are conducted using MyCUSurvey's Web/interactive voice response system to avoid the risk of interviewer bias. When the survey reveals a dissatisfied member, the survey can initiate an "instant alert" so the credit union member service team can follow up with the member.