By: Joe Gillen
Credit unions enjoyed record increases in the number of new members and assets they acquired in 2012, and many analysts don't expect this trend to slow down. Credit union programs offer several amenities that big banking packages do not, ranging from low fee structures to rewards checking accounts. To better determine the factors that drive membership, a new study examined a number of social media posts by Americans who recently joined credit unions.
Social media analyst company Crimson Hexagon analyzed posts made on popular social media sites about the reasons many Americans chose to join credit unions, according to Credit Unions Online. The study - which spanned over 11 months - found that a desire for better and more personalized service was the top reason consumers chose to switch to local credit unions, the news source reports. The study found that the percentage of conversations related to joining credit unions due to stellar customer service has increased 20 percent since January 2012.
Another 15 percent of respondents noted that joining a credit union has helped them improve their credit standing, while 14 percent said they joined to take advantage of higher credit limits, according to the news source. Lastly, 13 percent said they joined credit unions to save money on costly fees that many big banks impose. Credit unions typically offer a number of financial education programs to members to help them manage their finances, pay off debt and establish a budget. These resources and tools may help explain why many people are able to gain a handle on their finances and improve their credit standing over time.
Many credit union professionals, such as Michelle Payne of Eli Lilly Federal Credit Union, said they habitually track their institution's Facebook and Twitter pages to measure customer satisfaction.
"When I take inventory of our recommendations on Facebook, I see several members describing our credit union as 'helpful,'" Payne told the news source. "They're not finding this personality trait at banking institutions. Credit unions are known to be more about people than products and transactions."