For more information:
Jess Noelck 608.665.7861
jess.noelck@cunamutual.com
Phil Tschudy 608.665.7188
philip.tschudy@cunamutual.com
MADISON, Wis. – Credit unions have a huge opportunity to grow membership among middle-income Americans, attendees of CUNA Mutual Group’s sixth annual Discovery Conference were told today.
“Through our What Matters Now™ research, 64 percent of middle-income, non-credit union members surveyed say they would consider opening a credit union account,” said Angie Fuhrken, director of marketing strategy and commercialization for TruStageTM, CUNA Mutual Group’s consumer brand.1 “If we can reach this group and educate them on the benefits of membership, there’s a good chance they can be influenced to join a credit union.”
Fuhrken explained middle-income Americans were defined in the study as those between 30 and 70 years of age with household incomes ranging from $25,000 – $100,000.2 This accounts for approximately 36 percent of the U.S. adult population, and 42 percent of credit union members.
Twenty-eight percent of middle-income bank customers said they were “very” or “somewhat likely” to switch financial institutions in the next year, according to TruStage’s What Matters NowTM research.4 That translates into more than 5 million middle-income bank customers who are open to switching financial institutions.5 This doesn’t include the millions of customers that are considered to be non-banked.
To boost credit union membership within this demographic, Fuhrken recommended credit unions focus on:
·Family and friends
Find opportunities to reach new members through your community presence and continue to deliver a superior member experience. Sixty-one percent of middle-income Americans search for customer service when selecting a financial institution.6 Credit unions as a whole have a high net promoter score, suggesting that members are talking about their credit union and recommending membership to others. Encourage members to share their member experience with family and friends today.
·Convenience
Credit unions are commonly perceived as inconvenient. While in fact credit unions consistently score an average of 90 on a 100 point scale for their online and mobile banking satisfaction.7 Reinforce shared branching, a robust ATM network and mobile capabilities as part of the credit union’s service messaging.
·Financial stability
Sixty-two percent of middle-income Americans worry about their family’s financial stability on a daily basis.8 They are looking for ways to make auto loan payments, mortgage payments and other expenses more manageable. Promote low interest rates and fee structures to show how credit unions can help build financial security.
“We continue to see strong growth in credit union membership but there are millions of consumers out there who are open to joining a credit union,” said Fuhrken. “As you develop your plan to build membership, consider leveraging referral opportunities, reinforcing convenience and offering new products and programs to help members and their families build financial stability long-term.”
Credit unions can learn more about this research at cunamutual.com/whatmattersnow, and view Fuhrken’s Discovery Conference session on-demand at cunamutual.com/registerondemand.
The Discovery Conference is an annual event sponsored by CUNA Mutual Group that attracts a national and international credit union audience of more than 1,300. The virtual, no-cost event is designed to give credit union leaders valuable industry insight and trends in the insurance and credit union industries. After the event, select content is available on-demand for attendees to leverage and share best practices through the end of the year.
About TruStage
Protecting more than 16 million members, TruStage insurance products and programs include, auto, home, life, accidental death and dismemberment and health insurance. They’re available to credit union members across the U.S. and offer compelling and successful ways to build financial security for their families. Credit union members seeking more information can contact TruStage at 888.888.0375.
About CUNA Mutual Group
CUNA Mutual Group was founded in 1935 by credit union pioneers, and our commitment to their vision continues today. The company offers insurance and protection for credit unions, employees and members; lending solutions and marketing programs; TruStageTM – branded consumer insurance products; and investment and retirement services to help credit unions and members achieve financial security and success. More information is available on the company’s website at www.cunamutual.com.
