CFI Group’s annual Credit Union Satisfaction Index shows a dip in overall member satisfaction in 2016, but offers four opportunities for credit unions to retain members in 2017.
ANN ARBOR, Mich., Dec. 15, 2016 – Today CFI Group released the results of the 2016 Credit Union Satisfaction Index, a study based on a survey of credit union members across the country.
Analysis from the Credit Union Satisfaction Index 2016 study shows that despite strong membership growth for credit unions of almost 4% in 2016, as reported by CUNA Mutual Group, there remains some cause for concern. Credit union member satisfaction is at a 4-year low, as measured on a 0-100 scale, slipping 3 points from 87 in 2015 to 84 in 2016. The lower score serves as a wake-up call to credit unions. As credit unions celebrate a strong 2016 and look to 2017, they must be on guard to protect against member attrition.
CFI Group identifies four opportunities for credit unions to reduce member attrition and grow in 2017. Each of these opportunities involves a managerial shift that includes continuing to manage current practices while simultaneously developing new practices.
According to Mark Galauner, Senior Customer Insights Consultant at CFI Group, “Credit unions in the U.S. are experiencing seismic shifts as consumers grow more comfortable with cloud banking and alternative banking models such as Bitcoin. If credit unions closely measure and follow their members, they can anticipate changes in the demands of their members and preemptively act to retain their member base.”