Online banking services no longer a differentiator, but a necessity
Marketing survey also indicates online members are most valuable for credit unions
Credit union marketers no longer view offering online products and services as means of differentiating themselves from competitors, but as a necessity for doing business, according to a recently-released research report on online marketing trends by the UW E-Business Consortium (UWEBC). And individuals who use online services are proving to be the most desirable members for credit unions.
These findings were included in “Online Marketing: Effectiveness and Impact on the Credit Union Industry,” a collaborative study distributed to credit union marketers attending the Twelfth Annual CUNA Marketing & Business Development Council Conference.
“This type of collaboration among credit union industry leaders, in conjunction with academia, is essential to helping credit unions compete in today’s challenging business environment,” said Cheryl Sorenson, director of CUNA councils.
The report, which is available for free online, was the result of a study commissioned by four credit union industry leaders: the CUNA Mutual Group, the Credit Union National Association (CUNA), the CUNA Technology Council and the CUNA Marketing & Business Development Council. Research was conducted by UWEBC. Results of the study are available online.
Members using online services are proving more valuable to credit unions than members who do not use these services, said Marc Gagne, CUNA Mutual’s marketing campaign manager, who presented key survey findings at the workshop. “Online members are more profitable, have higher loan and deposit balances, respond better to marketing and cost less to serve,” Gagne said.
“They also have more assets, higher income and better credit scores than their slightly-older offline counterparts,” he added.
The online marketing survey builds on a series of successful research projects that have been conducted by CUNA Mutual, CUNA and UWEBC. The study’s findings are based on a national survey of credit unions of all sizes and a focus group of marketing executives who provided insights and validated the findings.
The UW E-Business Consortium is Wisconsin’s leading organization that helps companies gain a competitive advantage through e-business, e-commerce and access to world-class university resources. Our members – business executives and senior managers from the Midwest’s largest companies – tap into the collective experiences of this B2B and B2C knowledge network to share relevant e-business and information technology challenges, best practices and lessons learned.
