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CUNA Research Reports

CU Snapshot

 Jun '17May '17
# of CUs5,911 5,922
Members
(millions)
111.7111.2
Total Assets
($ billions)
$1,378.8$1,369.6
Total Savings
($ billions)
$1,172.6$1,156.8
Net Cap.
Assets
10.6%10.6%
Loans to Savings79.6%79.9%
Loan Delinq.0.7%0.7%

         Credit Union Indicators

5 key consumer insights

These trends can drive your strategic decision making.

A survey from Fiserv and Harris Poll about consumers' shifting demands finds five key trends:

1. Service quality drives satisfaction

Three-fourths (76%) of respondents say they're satisfied with their primary financial institution.

Based on the experience of Fiserv clients, loyalty can be driven by strong service, card reward programs, and favorable interest rates on loans—three initiatives many credit unions prioritize.

2. Members expect real-time services

Digital and mobile technologies have redefined the speed of life today. As a result, many members are shifting their expectations toward real-time service delivery.

Nearly 70% of adults define real-time services as those that take place within seconds. Digital and mobile banking channels are among the best resources available to satisfy these new expectations.

3. Branches remain critical for high-touch interactions

Branches are the No. 1 channel for members to open accounts and take out loans due to the human touch and personalized experience. It's important to keep this in mind as credit unions evolve the branch experience from transaction centers to service-oriented hubs.

Digital and mobile technologies also affect the branch experience. They deliver greater efficiency in areas such as authentication via biometrics. And they deliver greater insight, such as when mobile beacons identify which member is in the branch.

4. Consumers need financial literacy education

Sixty percent of adults believe managing their money is "something I have to do, not something I want to do."

Moreover, 26% say they don't have the time to manage money the way they want to, while 25% say they "often feel lost" trying to manage their household expenses.

By offering free financial literacy education programs, credit unions can alleviate this feeling among members while nurturing more robust relationships.

5. Consumers desire trusted partners

Nearly one in two households say it doesn't have anyone to rely on for advice on managing its household finances. This situation is more common among baby boomers (59%) and seniors (63%).

Many adults have difficulty managing personal budgets, with the average adult rating his/her ability to stick with a budget as a "B-minus."

Even more concerning, respondents give themselves only a "C-plus" for their ability to achieve long-term goals like saving for college or retirement. The good news is that credit unions often provide free, technology-enhanced resources to improve members' financial management skills.

NIKKI WATERS is vice president, consumer marketing, for Fiserv.

(Via news.cuna.org)