CUNA survey provides insights into members' needs

CUNA survey provides insights into members' needs

MADISON, Wis. (9/23/11)--The Credit Union National Association's (CUNA) newly released 2011-2012 National Member Survey, a report designed to uncover trends in member attitudes and use of financial services, reveals that there is still room for credit unions to steer members and potential members away from banks and grow their overall membership bases.

The National Member Survey summarizes directions in member attitudes over the past couple years to help credit unions understand what their members want from their financial institutions. With the information provided by the survey, credit unions can better understand their members and, in turn, provide better service, keep a competitive edge in the marketplace and stay abreast of impending member issues.

"Even today, there are plenty of positive trends for credit unions illustrated by the Survey," said Jon Haller, CUNA director of corporate and market research. "Credit unions' loyalty score is still a full 37 percentage points above the banks' score and the number of people who are extremely likely to say they'd recommend their credit union to others has increased." However, Haller added, the survey also reflected that banks are making some gains in consumer loyalty, perhaps due to significant efforts to remove some of the tarnish to their reputations accumulated because of the financial crisis.

Young adult memberships are on the rise, with members between 18 to 24 years of age constituting 9% of credit unions' total adult membership--up from 6% in 2006. Use of credit union checking accounts is also growing, suggesting that more people are choosing credit unions as their primary financial institution.

"The findings in CUNA's National Member Survey can help credit unions better understand the member trends that will impact the credit union movement in the years to come," adds Haller. "Credit unions need to understand their members in order to survive in today's financial environment."

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Resource Links
2011-2012 Survey of Potential Members Report
Your Credit Union: What’s in it for you? folder and booklet
CUNA Member Research page
There’s Nothing Like a Credit Union statement stuffer

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