EMERYVILLE, Calif.--(BUSINESS WIRE)--MyCUsurvey.com (www.mycusurvey.com), a new online, low-cost, phone and web-based member research tool designed specifically for the credit union industry, today revealed the results of its first national survey of credit union member satisfaction nationwide. The survey of 5,000 credit union members across the country was conducted in late fall 2010 and is designed to provide a benchmark against which MyCUsurvey.com customers can gauge their own credit union’s performance. The most recent survey reveals three key factors that show credit unions are at risk and need to dramatically improve satisfaction among newer and younger members.
The latest survey revealed a direct correlation between the age of credit union members and customer satisfaction. According to the findings, there is a 30 point different in satisfaction ratings between older members (over age 65), and younger members (under age 30); older members are just more satisfied with their credit unions.
The survey also showed a strong correlation between overall member satisfaction and the frequency of visits to the local branch. Members who visit their branch at least once a week demonstrated 10 points higher satisfaction than members who visit a branch less frequently, and 14 points higher than members who never visit their local branch.
And the survey also revealed that newer members are not nearly as satisfied with their credit union compared to members who have been customers for some time. The survey showed a 15-point spread in satisfaction ratings between those who had been members for one year or less, and those who belonged to the credit union for 10 years or more.
"In creating our benchmark for MyCUsurvey, we have uncovered some key findings that are critical indicators for the credit union industry,” said Dr. Jack Bieda, founder of MyCUsurvey.com. “The convenience of web and mobile banking and other trends are undermining credit union member satisfaction. It’s clear that credit unions need to find a way to attract younger members and get members to visit their branches for a more personalized banking experience in order to cement the member relationship.”
MyCUsurvey’s benchmarking data measures six key areas, including overall satisfaction, willingness to recommend, interior branch satisfaction, exterior branch satisfaction, employee satisfaction, and service-level satisfaction. The survey is also broken down into three classifications: national, regional (across five regional zones), and by asset size (broken down into seven categories ranging from under $50 million to over $5 billion). Using the benchmark data, credit unions can assess their own member satisfaction against national, regional, and like-sized credit unions. The national survey is updated every six months.
PinPoint Research launched MyCUsurvey.com to offer credit unions a cost-effective, turnkey approach to customer satisfaction surveys. Rather than investing the time and resources of using a build-it-yourself survey, MyCUsurvey offers fully developed surveys designed by credit union professionals to provide basic demographics and measure member satisfaction across key areas. The surveys are conducted using MyCUsurvey’s integrated Web/IVR (interactive voice response) system so there is no risk of interviewer bias. And MyCUsurvey is available for as little as $700 per branch.
MyCUsurvey is designed to work with any kind of member outreach program, including direct mail, insertion into statements, or e-mail. Members are invited to participate and MyCUsurvey instantly collects and delivers the results via a secure web link. The report includes relevant demographic results, breaking out responses by age group, length of membership, and frequency of branch visits. And when a survey reveals a dissatisfied member, MyCUsurvey.com can initiate an “instant alert” so the credit union’s customer service team can follow-up.
You can visit MyCUsurvey.com online at www.mycusurvey.com.
About MyCUsurvey.com
Developed specifically for use by credit unions, MyCUsurvey.com provides an affordable approach to conducting meaningful research about customer satisfaction. MyCUsurvey.com offers surveys designed by credit union professionals to provide insight that is relevant, timely, and actionable, and that is benchmarked against national, regional, and like-sized competitors.
MyCUsurvey.com is a division of PinPoint Research Corporation, a market research firm that has been using computer and IVR (interactive voice recording) technology to power research studies since 1986. Today, PinPoint Research manages more than 20 million surveys per year, including research for the top 35 research companies in the country.
For more information, visit www.mycusurvey.com and www.pinpointresearch.com.