A new study by CFI Group shows that only 20% of credit union members say that they plan to add services next year

ANN ARBOR, Mich., Dec. 13, 2017 – CFI Group just released its 2017 Credit Union Satisfaction Index (CUSI), a survey of U.S. credit union members asking about their experience with their credit union. At the end of 2017, credit union satisfaction among members remains at 84, as measured on a 0-100 scale, showing no change from 2016.

To understand what drives satisfaction among members, CFI Group applied its patented customization of the American Customer Satisfaction Index (ACSI) methodology and revealed 2 key factors for member satisfaction: 1) the personal service delivered by branch staff, and 2) the breadth and competitiveness of the products and services offered.

“Credit unions have been experiencing solid growth in key metrics such as total assets, total loans, and number of members,” says CFI Group CEO Sheri Petras. “However, member expectations are changing quickly. To continue this growth pattern, credit unions must innovate with new offerings that center on enhancing the member experience.”

According to the report, the traditional value proposition around rates is changing, with members growing discouraged by low deposit interest rates. But instead of just adjusting account rates and fees to acquire more member business, credit unions should more actively pursue innovation with new products and services that meet the quickly-changing member expectations.

These changes in member experience have two implications for how credit unions can pursue product and service innovation.

1. Innovate to Connect Externally.

Members are increasingly using mobile devices to use and manage money. Consequently, there are a myriad of new apps designed to make money management easier (e.g., Mint, YNAB, Acorns, Upstart, or Robinhood). Credit unions should ensure not only that members can easily connect their accounts to these new services, but also that they can actively engage with external ecosystems.

2. Innovate to Remain Primary.

As members proceed to connect to a web of financial tools and touchpoints, they increasingly need a central point of administration to actively manage these financial connections. Credit unions must continue to develop simple account management tools that allow members to manage their network of financial connections easily and securely.