TimeTrade study identifies credit unions’ edge over banks when it comes to meeting consumer needs
BOSTON—December 15, 2016—TimeTrade, the leading provider of appointment-driven personalization, today announced the results of a new study—The 2016 Credit Union Consumer Survey—which show that credit union members desire more personalization and in-person interaction at the branch than bank customers do. The results show that credit unions do a good job of delivering personalized service, as 85 percent of respondents reported having a personalized experience with their institution.
The survey also found that credit union members typically visit their branch more often than do banking customers, which provides credit unions with more opportunities to deliver personalized service and cement the relationship between the institution and its members. Other key findings of the survey of more than 1,000 credit union members in the U.S. include:
- Credit union members rank personalized service as their top in-branch priority, bank customers rank it second.
- 85 percent of members feel they have a personalized experience with their credit union, versus only 79 percent of customers who feel the same about their bank.
- 62 percent of credit union members prefer to visit their credit union in person. Only 57 percent of bank customers prefer to do so.
- 43 percent of members visit their credit union more than 10 times a year.
- 61 percent of credit union members will wait up to 10 minutes for service at their branch.
- Among millennial members (respondents ages 20 to 35), 43 percent said they value the personalized experience they receive from their credit union.
- Nearly half (49 percent) of millennial credit union members visit their branch to open a new account. That contrasts with just 37 percent of all members who do so.
- 77 percent of millennials are willing to schedule an appointment to visit their credit union branch for specialized service, compared to 68 percent of all members. And it is significantly higher than the 65 percent of bank customers who are willing to schedule in-branch appointments.
Download the full Credit Union 2016 Consumer Survey.
“These survey results show that credit unions do a very good job of engaging with their members and providing them with personalized service,” said Gary Ambrosino, CEO of TimeTrade. “They also show that credit unions have a tremendous opportunity to drive more business from existing members while also expanding their base of millennials, who are fast becoming the most powerful and desirable demographic group for credit unions, banks and retailers. Credit unions that want to take full advantage of millennial market opportunities must provide a superior customer experience across the whole customer journey—from an initial digital touchpoint, to the in-branch experience. Savvy credit unions that focus on meeting their members’ evolving needs and providing the personalized service that millennials seek will reap the rewards that come from long-term, loyal members.”
TimeTrade creates conversations that drive business. The company equips businesses to provide personalized service to every customer, every time, creating a service guarantee that improves customer satisfaction, loyalty and retention, and increases sales growth. TimeTrade’s leading-edge Customer Engagement Cloud, an enterprise platform delivered through a worldwide cloud-hosting network, provides omnichannel and mobile application tools for managing the most critical part of the customer journey: the live conversation. It includes several tightly integrated modules for online appointment scheduling, queue management, and data-rich analytics and reports. The company’s patented cloud technology is SOC 2 level 3 compliant and scales to meet the demands of the largest multinational enterprises as well as mid-size and small businesses. More than 500 of the world’s most successful brands—including the largest banks, retailers, sales organizations and healthcare systems—rely on TimeTrade to power their live customer conversations and improve the customer experience, in person, by phone or online.
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