A new CFI Group credit union report shows members who experience a problem with their credit union are significantly less satisfied than those who do not. Those that have had a problem within the last 60 days are less satisfied with the credit union experience, less likely to remain a member, less likely to use additional services, and less likely to recommend the credit union to others.
Credit unions face a competitive environment. A report by CUNA shows that overall credit union membership has increased each year since 2012. And for the first six months of 2018, the total number of U.S. credit union members grew 4.3%. Yet, the number of credit unions continues to decline, down from 6,680 in 2013 to 5,594 midway through 2018.
To thrive in 2019, credit unions will need to compete beyond just rates and fees by providing an exceptional member experience.
1. COMPETING ON RATES AND FEES IS NOT ENOUGH
It is difficult to offer rates and fees that are substantially lower than competitors. It is understandable, then, that only 18% of credit union members choose a credit union because of attractive rates and fees. Good rates and fees are a given.
2. CREDIT UNIONS MUST DEVELOP A RAPID PROBLEM RESOLUTION PROCESS
Members who have an issue or problem within the last 60 days are less satisfied and less likely to remain a member. Credit unions need to develop processes that quickly and successfully address member issues.
For more insight into credit union member satisfaction, download the complete report.
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- July 7, 2020