Exploit member data
Member surveys can help credit unions grow their loan volume. Credit unions should:
This is important because members who are “truly loyal” (the highest loyalty level) to their credit union carry outstanding loan balances at their credit union that are nearly 70% higher than less loyal members: $7,749 versus $4,613, according to CUNA’s Credit Union Member Satisfaction, Growth, and Loyalty benchmarking report.
“Truly loyal” members satisfy these requirements:
Member loyalty tends to increase as asset size increases, with the highest loyalty levels found among credit unions with assets of $500 million or more:
Net Promoter scores
If you monitor member loyalty using the SatMetrix Net Promoter® Score, you can use “promoter group” information in your benchmarking efforts:
Credit unions trying to increase their loan volume and build stronger member loyalty should use member surveys to create targeted marketing, operations, staff-performance, and service-delivery strategies.
Informed strategies, based on reliable member-research data, will help you reach your objectives.
JON HALLER is director of corporate and market research for the Credit Union National Association. Contact him at 800-356-9655, ext. 4346. To learn more about how CUNA Research can help you with member surveys, call us at 800-356-9655, ext. 4172, e-mail us, or visit us online.