In May 2022 we partnered with a dozen Nebraska credit unions to measure member engagement and better understand member preferences through a complimentary survey. Nearly 1800 Nebraska credit union members completed the survey, and I had the opportunity to share the overall results at the annual conference in Omaha.
Here are five things we learned from Nebraska credit union members through the survey:
- Overall engagement between members and their respective credit unions lags the national average.
Engagement lags the national average both attitudinally (how they feel) and behaviorally (what they do). In short, Nebraska credit unions must care equally about how they accomplish their missions as what they accomplish. (See the table nearby.)
|Net Promoter Score
|Net Effort Score
|Preferred Financial Institution
- Members are seeking better technology and mobile offerings.
When asked what they would change about their credit union, better technology and mobile offerings was more important to more members. Further inquiries pointed to improved mobile offerings.
- Service levels are hampered by the credit unions’ service recovery efforts.
Nebraska credit unions’ ability to listen, capture, diagnose, solve, and resolve service issues was identified as the best way to improve service levels. Credit unions need systems (processes, technology, people, and information) to enable member feedback at the time of service.
- By and large, members still prefer to open accounts and apply for loans inside branches rather than online or over the phone.
Members report a desire for better technology, but in-person service is not to be neglected. In fact, members would prefer to open accounts and apply for loans with a credit union associate. Primarily this is because members are seeking advice and counsel. This is particularly true with younger members.
- PayPal owns the P2P market in Nebraska.
More than one-fourth of Nebraska credit union members use PayPal regularly and another third have used the service before. Combined, more than 60% of members have used PayPal. This is concerning when considering how PayPal is extending its business into credit cards. Additionally, members were vocal in their desire for improved technology and mobile offerings, and PayPal has a user friendly and ubiquitous platform.
Contact MVP Jim Kasch at Canidae Consulting and Member Intelligence Group if you would like a complimentary consultation on how your credit union can leverage member feedback tools to improve performance.