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Study CUs have loyalty edge on banks gap narrows
SALT LAKE CITY (9/17/09)--Credit unions continue to have a much higher member/customer engagement level and loyalty than banks, says a firm that specializes in loyalty and engagement benchmarking surveys. However, the gap is narrowing, according to the mid-year results reported from the Allegiance National Benchmarking/Pulse of America Survey, conducted by Utah-based Allegiance, Inc. Among the findings:
* Member/customer expectations of credit unions and banks have shifted from the more traditional roles of industry leader, guardian and protector of member/customer finances. * Credit unions continue to have much higher engagement levels than at banks. However credit unions surveyed saw member/customer engagement decrease to 49% from 57% between January and June--the sharpest drop since the survey began in October 2007, said the firm. It did not provide reasons why the drop occurred. * Engagement levels among older member/customers have fallen. While levels remained constant for consumers 54 or younger, those who are older dropped 10% on average in engagement with their financial institutions. * Both banks and credit unions surveyed focused their member/customer engagement resources on the most profitable demographics. While engagement fell by 8% among consumers surveyed with incomes of $50,000 or less, engagement rose by 3% for those with incomes ranging from $50,000 to $150,000.
Allegiance National Benchmarking service helps financial institutions uncover what drives consumer engagement in specific industries so they can retain their customers and grow.
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