The Benefits Of Listening To Your Online Member

As credit unions are working on their strategic plans for 2004, they should take a minute to consider their plans for enhancing online capabilities for online members. 
Although online members overall tend to use more credit union services (mean of 4.3), recent data from Callahan’s Survey Consortium credit unions shows the opportunity for increasing product penetration among this important customer segment.

 
 

Why target the online member?

As credit unions are working on their strategic plans for 2004, they should take a minute to consider their plans for enhancing online capabilities for online members. 

Although online members overall tend to use more credit union services (mean of 4.3), recent data from Callahan’s Survey Consortium credit unions shows the opportunity for increasing product penetration among this important customer segment. 

On the chart below, the line shows the average penetration for each product across the 18 consortium members.  But the bars show the significant variance in penetration rates among this group.  For example, credit card penetration ranges from 25% to 75%.  And less than one-fifth of online members have either a mortgage loan, a CD, or an IRA at their credit union. 

 

 

 

Dec. 8, 2003


Comments

 
 
 
  • There wasn't really anything in here that we didn't already know. It was still good information, but little we can take action on.
    Anonymous
     
     
     
  • Very good article - I didn't realize this was such an important and affluent membership for development.
    Anonymous
     
     
     
  • excellent article!
    Anonymous
     
     
     
  • This graph makes no sense. Who is who on the chart?
    Anonymous