Wed, Dec 20, 2017
An annual survey by CFI Group on credit union trends, reveals that Credit union member satisfaction, as measured on a 0-100 scale, remains at 84, the same as in 2016.
Survey results indicate that the traditional value proposition for credit unions around rates is changing, with members growing discouraged by low deposit interest rates. CFI’s report recommends that instead of adjusting account rates and fees to acquire more member business, credit unions should actively pursue innovation with new products and services that meet the quickly-changing member expectations.
1. Innovate to Connect Externally.
Members are increasingly using mobile devices to use and manage money. Credit unions should ensure not only that members can easily connect their accounts to these new services, but also that they can actively engage with external ecosystems.
2. Innovate to Remain Primary.
As members proceed to connect to a web of financial tools and touchpoints, they increasingly need a central point of administration to actively manage these financial connections. Credit unions must continue to develop simple account management tools that allow members to manage their network of financial connections easily and securely.
To read the full report, click here.