Three opportunity segments for CUs
CUNA Mutual research reveals significant growth opportunities for CUs.
Nearly 25% of individuals who have credit union products do not identify themselves as credit union members.
And more than half of non-members believe credit unions have limited locations, services, and products, according to findings in CUNA Mutual Group's annual TruStage What Matters Now consumer research report.
The report was the foundation of an America’s Credit Union Conference breakout session. It uncovered key insights into non-member consumers, and those who fall along the member continuum. The research highlights opportunities for credit unions to better engage with subsets of existing members and non-members.
The research identified three distinct sets of consumers, or opportunity segments, for credit unions to pursue:
1. Partially-engaged members. This group recognizes they have a credit union relationship, but don’t see the credit union as their primary financial institution.
2. Disengaged members: These individuals are credit union members, but don’t perceive themselves as members.
3. Non-members: This segment has no credit union affiliation.
One in four individuals with a credit union product do not identify as a member. Of the individuals who don’t identify as credit unions members, roughly one-third have a savings account with a credit union, more than half have a credit card and/or checking account, and close to 20% have an auto loan.
Disengaged members worry about financial stability more than any other group. Fifty-four percent of disengaged members worry about their family’s financial stability on a daily—more than engaged members (45%), partially-engaged members (41%), and non-members (43%).