Online Account Access Strengthens Members'Relationship with Their Credit Union

Online account access is fast becoming a critical service channel for a segment of credit union members. A recent survey shows that online account access can be an important tool for increasing member satisfaction and loyalty, and in the long term, decrease dependence on the physical branch as a primary service outlet. Do your members feel this way about your credit union's online account access?

Online account access has the potential to be a powerful tool for enhancing member satisfaction and retaining members. A recent survey of credit union website users by Callahan & Associates found a high percentage visit the website for online account access (96%). These online users report using their online account access more frequently than any other credit union service channel.

Online account access represents a significant touchpoint for these credit union members, as the majority report accessing their account (69%) at least twice per week, and a significant proportion (40%) report accessing it every other day.

Satisfaction with this account access is fairly high, as seven in ten online account users report being very satisfied, based on a five point scale where 5 is very satisfied and 1 is not at all satisfied. None of the other service channels used are rated this high by online members. Additionally, online account access appears to have a positive impact on the member's overall usage of credit union's services as more than half (54%) say their credit union participation has increased since they began using this system.

Online capabilities are clearly a critical element of the online member's relationship with their credit union, even more important for these e-members than the physical branch. When asked if their credit union usage would change if the member moved to an area where they did not have easy access to the credit union branch, the vast majority of respondents would not leave their credit union. In fact, 13% say they already live outside their credit union's branch network. Many e-members believe that their current usage wouldn't change (19%) or wouldn't change much (40%), while only 12% would expect to eliminate certain services. Only 7% say they would leave their credit union.




June 3, 2002



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