LONDON–For credit unions there is some good news, some opportunities and some challenges to overcome, according to a new survey.
The findings of the survey, conducted by Eleos Life, are included in a new report that the company said “dives into how Americans feel about their credit unions and what they’re hoping to see next.”
The company said the survey uncovered strong loyalty from credit union members themselves, but also a desire for more modern, personalized services.
“Credit unions have an incredibly strong foundation of trust,” CEO Kiruba Shankar Eswaran said in a statement. “This makes them an ideal vehicle for delivering needed financial protections, helping bridge the protection gap for uninsured communities.”
The company said its survey found Insurance has shown to be a great area of opportunity for credit unions seeking to expand their services.
“While most members have some form of insurance, only a small portion obtained this service through their credit unions, leaving both revenue and engagement on the table,” it said.
Key Findings
According to the company, key findings from the survey included:
- 70.4% of members would pick their credit union over a traditional bank
- 77% connect with their credit union at least monthly (with 44.2% doing so weekly)
- 43.3% wish digital tools—especially mobile—were better
- 43.8% aren’t familiar with insurance from their credit union
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