Improved perceptions could boost CU growth

TALLAHASSEE, Fla. (4/15/10)--About 77% of credit union leaders surveyed said consumer misunderstanding of credit union benefits over those of banks is the greatest challenge in attracting new members, according to a new survey.

Credit Union 24 conducted the survey in February at the Governmental Affairs Conference sponsored by the Credit Union National Association.

The number is an increase of 10% from last year when 67% of credit union leaders cited perception as the greatest challenge, said the credit union service organization.  

For the second year in a row, the perception that credit unions have limited offerings, when compared with banks, was the second greatest challenge cited by 45% of credit union leaders surveyed.

While consumer misunderstanding is the greatest challenge, attracting new members is a key overall concern of credit union leaders. Nearly three-quarters, or roughly 70%, of those polled cited the current economic climate and National Credit Union Administration assessments as key challenges facing credit unions today, an 11% increase over last year. (CUNA News Now)