Even after several years of recession which saw widespread consumer rage directed at banks, a third of credit union leaders responding to a recent survey reported that consumer confusion over CU benefits was their biggest challenge in attracting new members.
The survey, sponsored by the Credit Union 24 ATM and POS network, found that roughly 66% of CU leaders surveyed reported that "consumer misunderstanding of credit union benefits over banks" as the leading factor their CUs had to overcome. This is down from the 77% who cited that challenge in 2010 and roughly the same number that cited the challenge in 2009, the network reported.
"Results of our survey show that credit union leaders are feeling similarly to how they did in 2009; however, it also illustrates that credit unions are continuing to face the same challenges that have plagued our industry for many years," said Jim Park, CEO of Credit Union 24, a Florida-based ATM and debit POS processing CUSO.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
