BOSTON—Credit union members desire more personalization and in-person interaction at the branch than bank customers do, according to new research.
The research—The 2016 Credit Union Consumer Survey, which was conducted by TimeTrade—also found credit unions do a good job of delivering personalized service, as 85% of respondents reported having a personalized experience with their institution.
According to the company, the survey also found that credit union members typically visit their branch more often than do banking customers, which provides credit unions with more opportunities to deliver personalized service and cement the relationship between the institution and its members.
Other key findings of the survey of more than 1,000 credit union members in the U.S. include:
- Credit union members rank personalized service as their top in-branch priority, bank customers rank it second.
- 85% of members feel they have a personalized experience with their credit union, versus only 79% of customers who feel the same about their bank.
- 62% of credit union members prefer to visit their credit union in person. Only 57% of bank customers prefer to do so.
- 43% of members visit their credit union more than 10 times a year.
- 61% of credit union members will wait up to 10 minutes for service at their branch.
- Among Millennial members (respondents ages 20 to 35), 43% said they value the personalized experience they receive from their credit union.
- Nearly half (49%) of Millennial credit union members visit their branch to open a new account. That contrasts with just 37% of all members who do so, according to TimeTrade.
- 77% of Millennials are willing to schedule an appointment to visit their credit union branch for specialized service, compared to 68% of all members. That figure is significantly higher than the 65% of bank customers who are willing to schedule in-branch appointments.
“These survey results show that credit unions do a very good job of engaging with their members and providing them with personalized service,” said Gary Ambrosino, CEO of TimeTrade, in a released statement. “They also show that credit unions have a tremendous opportunity to drive more business from existing members while also expanding their base of Millennials, who are fast becoming the most powerful and desirable demographic group for credit unions, banks and retailers.”
The full Credit Union 2016 Consumer Survey can be downloaded here.