Members Still Think CUs Are For Older Folks
EMERYVILLE, Calif. – Despite concerted efforts to attract Gen Yers, members across the country still see their credit union as for older people, according to a new survey released yesterday by MyCUsurvey.com, a new consumer survey firm for credit unions.
The survey of 5,000 credit union members found a close correlation between the age of members and customer satisfaction, with older members feeling much more attached to their credit union. The survey measured members under 21, then 22-30, 31-64 and 65 and older, with each older group expressing more satisfaction for their credit union.
Customer satisfaction is also much higher among members who visit a branch on a regular basis. Members who visit the branch at least once a week demonstrated 10 points higher satisfaction than members who visit a branch less frequently, and 14 points higher than those who never visit a branch, the survey found.
The survey also revealed that newer members are not nearly as satisfied with their credit union compared to members who have been customers for some time. The survey showed a 15-point spread in satisfaction ratings between those who had been members for one year or less, and those who belonged to the credit union for 10 years or more.
"In creating our benchmark for MyCUsurvey, we have uncovered some key findings that are critical indicators for the credit union industry,” said Dr. Jack Bieda, founder of MyCUsurvey.com. “The convenience of web and mobile banking and other trends are undermining credit union member satisfaction. It’s clear that credit unions need to find a way to attract younger members and get members to visit their branches for a more personalized banking experience in order to cement the member relationship.”
MyCUsurvey’s benchmarking data measures six key areas, including overall satisfaction, willingness to recommend, interior branch satisfaction, exterior branch satisfaction, employee satisfaction, and service-level satisfaction. The survey is also broken down into three classifications: national, regional (across five regional zones), and by asset size (broken down into seven categories ranging from under $50 million to over $5 billion). Using the benchmark data, credit unions can assess their own member satisfaction against national, regional, and like-sized credit unions. The national survey will be updated every six months.