Press release
New myCUsurvey.com White Paper Reveals Where Credit Unions Can Improve to Increase Member Loyalty
EMERYVILLE, Calif. (July 19, 2011) -- myCUsurvey, an innovator in providing cost-effective phone and web-based research tools to the credit union industry, has just issued a white paper profiling the results of its first nationwide survey measuring credit union member satisfaction. The white paper, available online at http://www.mycusurvey.com, highlights three key areas where credit unions are at risk, and reveals where credit unions offer a unique advantage in the financial services industry. It also shows that credit unions urgently need to take action to replace their aging member base.
The white paper profiles three key findings from the most recent national myCUsurvey member survey:
1.The size and location of the credit union is irrelevant. Unlike banks, where customers are concerned with convenience and service as measured by the size of the institution, credit unions have a level playing field. The survey shows that the size of the credit union as measured by assets or number of branches had no effect on member satisfaction. The inference is that credit union members are seeking something different from their financial experience, and are looking for a relationship with their institution, not just relationship banking.
2.Credit unions have to replace their aging membership. The white paper reveals that nearly 75 percent of all credit union members are age 50 or older. It also reveals that younger members (under age 35) are the least satisfied of all members. Clearly the growth opportunity for credit unions lies in their ability to increase satisfaction among younger members to increase membership and promote loyalty.
3.The in-branch experience is the key to improving member loyalty. Nearly three quarters of all respondents indicated that their last in-branch experience was “excellent,” which infers that credit union executives have an opportunity to increase member satisfaction and recruit younger members through their branches.
“Clearly, this member satisfaction survey reveals that credit union members are seeking something different from their credit union relationship,” said Dr. Jack Bieda, founder of myCUsurvey. “Any organization strives for 100 percent customer satisfaction, and for credit unions to improve their members satisfaction, they have to ask themselves how to engage more effectively with members, especially younger members, to give them the experience they want and keep them coming back.”
Dr. Bieda speculates that while tracking demographics and measuring the experience with service and employees are indicators, there are other factors that drive member satisfaction. He urges credit unions to assess additional performance factors such as employee knowledge and performance, loan rates, and availability of products and services. Establishing a baseline for satisfaction performance is the first step, which is the purpose of the most recent Member Satisfaction Survey.
The myCUsurvey Credit Union Member Satisfaction Survey polled more than 5,000 credit union members nationwide, and is designed to provide a benchmark for myCUsurvey customers to compare their own member satisfaction results. The survey was conducted using myCUsurvey’s integrated Web/IVR (interactive voice response) system. The survey measures six key areas, including likelihood to recommend, branch satisfaction, service satisfaction, and employee satisfaction. Regional scores are broken into the five NCUA geographic zones to make it easier to assess results on a regional basis.
myCUsurvey also offers other surveys designed for credit unions, including an Employee Engagement Survey. Other surveys, including an Overall Satisfaction Survey, Loan and Services Survey, Competitive Survey, and Lost Account Survey, are scheduled for release later this year. For more information, visit http://www.mycusurvey.com.
About MyCUsurvey.com
Developed specifically for use by credit unions, MyCUsurvey.com provides an affordable approach to conducting meaningful research about customer satisfaction. MyCUsurvey.com offers surveys designed by credit union professionals to provide insight that is relevant, timely, and actionable, and that is benchmarked against national, regional, and like-sized competitors.
MyCUsurvey.com is a division of PinPoint Research Corporation, a market research firm that has been using computer and IVR (interactive voice recording) technology to power research studies since 1986. Today, PinPoint Research manages more than 20 million surveys per year, including research for the top 35 research companies in the country.
For more information, visit http://www.mycusurvey.com and http://www.pinpointresearch.com.
Contact:
Lisa Biasotti
MyCUSurvey.com
510-703-7032
lbiasotti@mycusurvey.com
Kelley Donovan
MyCuSurvey.com
510-463-6723
kdonovan@mycusurvey.com
Tom Woolf
Woolf Media & Marketing
415-259-5638
tomw@woolfmedia.com
About Woolf Media & Marketing
Woolf Media and Marketing can help you deliver the right message to build your business. We offer a variety of services, programs and initiatives that can be tailored to your specific requirements. While we specialize in marketing and communications for the technology market, we also have broad experience in a variety of other markets ranging from financial and professional services to non profit.
Contact:
Tom Woolf
Woolf Media & Marketing
341 via la Cumbre
Greenbrae, California 94904
415-259-5638
tomw@woolfmedia.com
http://www.woolfmedia.com
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