Increased Loyalty Leads to Higher Loan Volume
Credit unions that want to improve their lending volume should look to increasing their member loyalty levels, according to a report recently released by the Credit Union National Association (CUNA).
CUNA's Credit Union Member Satisfaction, Growth, and Loyalty Benchmarking Report shows that its member survey clients say 22% of their members are in the "truly loyal" classification. Those "truly loyal" members satisfy all three of these requirements:
"Loyalty 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 those found among less loyal members--$7,749 versus $4,613," said Jon Haller, CUNA's director of corporate and market research.
The report provides the first glimpse at CUNA's 2010 member statistics data. Accompanying this information are CUNA's first publicly-released member loyalty and satisfaction benchmarks to help credit unions monitor their performance. The report is designed to help each credit union discover its strengths and weaknesses.
The report is available to credit unions for $149 (PDF). To order by phone, call 800-356-8010, press 3, and use the stock number as a reference. Or click on this link to order online: Credit Union Member Satisfaction, Growth and Loyalty Benchmarking Report.
Reprinted with permission from the Credit Union Association of Rhode Island (www.cuassociationri.org).
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