Only 20% of credit union members said they plan to sign up for new credit union services this year, half aren't sure and 30% are definitely not planning on adding new services, according to new data from the Ann Arbor, Mich.-based analytics firm CFI Group.
Whether a credit union member plans to add services this year may also be a factor of age. About a third of “younger millennials” (18 to 25 years old) said they expect to add services in the next year, but only 27% of older millennials (those 26 to 34) said the same. Only a few Gen Xers (18%) and boomers (14%) said they plan to add products in the coming year.
The survey of 487 credit union members asked respondents to rate their member experience with their primary financial institutions. The overall satisfaction score was 84 out of 100 in 2017. That was the same score as 2016, but scores have generally been trending down since 2013. Back then, the industry had a satisfaction score of 88, followed by scores of 86, 87 and 84 in 2014, 2015 and 2016, respectively. Credit unions have consistently outscored banks during that time.
In addition, with the exception of younger millennials, fewer respondents last year said they were confident their credit unions will protect their information.
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