adminWhile credit unions continue gaining members, a big positive today, there’s a less sunny side to the news. The Credit Union Satisfaction Index from CFI Group shows member satisfaction is at a four-year low. The score slipped three points on a 100-point scale from 87 in 2015 to 84 in 2016.
“The lower score serves as a wake-up call to credit unions,” CFI Group said in a statement. “As credit unions celebrate a strong 2016 and look to 2017, they must be on guard to protect against member attrition.”
CFI Group said it has identified four opportunities for credit unions to reduce member attrition and grow in 2017. “Each of these opportunities involves a managerial shift that includes continuing to manage current practices while simultaneously developing new practices,” the company said. According to CFI Group, the four opportunities are:
- Measure the Member Experience.
- Target Millennials.
- Lower Deposit Account Interest Rates.
- Improve Online Processes.
“Credit unions in the U.S. are experiencing seismic shifts as consumers grow more comfortable with cloud banking and alternative banking models, such as Bitcoin,” said Mark Galauner, senior customer insights consultant at CFI Group. “If credit unions closely measure and follow their members, they can anticipate changes in the demands of their members and preemptively act to retain their member base.”
Read more at CU Today.
