MADISON, Wis. – The evolution by credit unions toward community charters has led to a shift away from select employee groups and toward new types of groups with distinct motivations and behavior, according to a new study.
The analysis, conducted as part of a study by the Filene Research Institute titled “Who’s Joining Credit Unions?” has found credit unions today must deal with a “much more complex and heterogeneous consumer base.” The author of the report, Filene’s Chief Research Officer George Hofheimer, has divided members into three groups: new members, medium-term members and legacy members. Among the findings: new members are younger, less wealthy, more inclined to use transaction-based products, and are more heavily influenced by perceptions of convenience.
While some commonalities with longer-term members are shared, the report suggests that new members have “significant differences in the motivations of new members for choosing a credit union.”
