Online members turning to their credit union web site for answers
sometimes encounter difficulties finding the information they need.
When asked, how well their credit union's web site was organized
so that they could quickly go to the information that they needed,
only 30% said the site was very well organized. Ratings for the
Survey Consortium credit unions varied greatly, ranging from 24%
up to 46% of online members saying their site was very well organized.
However, credit unions who received higher ratings for their web
site organization enjoyed benefits across all usage categories,
as their members more frequently conduct activities such as checking
rates, learning about special promotions, and using information
tools such as financial calculators, mortgage loan information,
and auto loan information.
Member comments provide insight into the types of information they
found difficult to find. Surprisingly, many comments were made regarding
basic information such as ATM locations, branches and other contact
information that members could not easily locate. Other types of
information that were missing or hard to find include check ordering
information, changing addresses, credit union forms, account logins,
rates. Illustrative comments are shown below:
Too many clicks required in general - sorry, but I don't use
your site for financial information in general because I can never
remember where to find it.
Just tried to see what is available. Services are not arranged
alphabetically, or any other logical sequence that I can determine.
Cannot find information about re-financing to take advantage of
changing interest rates. Even a simple, ''Sorry, we don't
do that.'' would be helpful.
Getting ATM locations could be easier.
Home page should flash any special/significant offer packages
for the benefit of CU members.
I found out that the Real estate dept was running a special no
closing cost for refinance but it was not on the Web site.
As mentioned in an earlier article, online members are turning
to their credit union web site with great frequency. Yet these comments
show that many credit unions are not ensuring that the web site
contains updated information. Why meet the needs of this segment?
In addition to the cost savings obtained from moving members from
the more costly telephone or in-person channels, the web channel
provides other advantages. Although the size of the online member
segment varies by credit union, online members also offer a great
opportunity for credit unions trying to increase their member's
reliance on them as their primary financial institution. Online
members tend to be loyal credit union members. Half had been with
their credit union for more than eight years.
On average, online members reported using 4.8 credit union services.
However, penetration rates for services such as mortgage loans,
CDs, and IRA accounts were fairly low, with one-tenth or less of
the e-members using them. Penetration rates for different products
across the Survey Consortium credit unions varied. For example,
for credit cards, the average proportion of online members with
credit cards was 46%, but the individual credit union percentages
ranged from 25% to 74%. Clearly some credit unions are doing a better
job of promoting their services to their online members than others.
How well is your credit union meeting the needs of your online
Survey findings are based on a recent online survey of 13,919 credit
union members from across the U.S. as part of Callahan & Associates'
a shared cost survey group consisting of 19 leading credit unions
nationwide. The survey was placed on the Web sites of participating
credit unions in January 2003.
Need help designing a survey to understand your online member needs?
Callahan's Survey Consortium is a credit union partnership that
surveys online members on a quarterly basis. Member credit unions
share online strategies and ideas for enhancing online services.
For further information regarding this survey or Callahan's Survey
Consortium, please call Denise Senecal at 800-446-7453 or click