Credit Union Web Sites, E-mail Growing as Information Sources

By Jon Haller
Director of Market Research
Credit Union National Association

Members are relying more on credit unions’ Web sites and (permission) e-mail messages for their credit union rate, service and promotion information, although these options clearly still play second-fiddle to credit unions’ newsletters. Just over 20% of members typically turn to their credit union’s Web site, while about 10% are receiving periodic e-mails. This, according to CUNA Research’s benchmarking database of member survey clients. Both of these figures are up somewhat from previous levels.

While overall reliance on these two options is fairly moderate, it can vary widely from credit union to credit union. In fact, fully 55% of one credit union’s members indicate they typically turn to its Web site for their information.

Given members’ rising use of online information-gathering, and particularly if your membership turns to this option more so than at the "typical" credit union, ensuring that you are investing sufficient time, human resources, and financial resources to meet the growing online information needs of your members is imperative.

Your Web site can also serve an important role in informing, educating, and attracting new members. Using it to communicate your membership-eligibility policies and benefits, rates, products, and other information to potential members is a must. That is, employ it to answer the questions, "Who can join?," "How do I join?," and, perhaps most importantly, "Why should I join?"

Direct mail campaigns which drive potential members to your Web site could very well serve as an effective approach to attract new members.

To what extent do your members rely on your Web information? Do your non-members rely on this method when dealing with or considering other providers? How open are they to receiving information via permission e-mail channels? Ask these questions when surveying your own members or potential members, and use the benchmarks provided in this issue of Research Review to help you gauge how much (more) you need to "invest" in your Web site.

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