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CU System
Survey Non-members like online bankingbill pay
MADISON, Wis. (6/16/09)--When it comes to preferred service delivery channels, non-members report they are using Internet banking and bill pay more frequently now than a few years ago, says a new Credit Union National Association (CUNA) survey.
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About 68% of non-members who use Internet banking and 62% of online bill payment users report an increased use, according to the 2009-2010 Survey of Potential Members: Membership Growth Strategies. Also, 59% of debit/check card users employ the cards to pay for purchases more often now than three years ago. “Many industry analysts believe that online banking and bill pay have reached the point where credit unions must offer them not just to compete for new members, but to retain current members as well,” said Jon Haller, CUNA director of business-to-business publishing. “Credit unions should also consider adding online loan application capabilities, preferably with an automated approval feature, if they have not done so already.” The survey uncovers new issues, opportunities, and strategies for reaching more than 100 million potential members. The survey breaks down this group by:
* Membership growth opportunities, demographics, and eligibility; * Keys to attracting more members; * Loyalty to current primary financial institution, including overall satisfaction and net promoter scores; * Use of financial services such as convenience, savings, and loan services, along with loan usage and outstanding loan amounts; and * Delivery channels, use and frequency of the most common channels for members versus eligible non-members.
Each chapter concludes with strategic considerations and suggestions on how to best identify and leverage a credit union’s competitive advantages to attract eligible non-members from their current providers. Also, the 2009-2010 National Member Survey--CUNA’s companion report to this survey--reveals trends involving members’ use of financial services and attitudes. It also addresses strategies to build loyalty and attract more business. The report provides information and analysis related to members’ demographics, satisfaction, interest in new services, delivery channels and more. For more information, use the link.
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