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Filene Series Links Member Satisfaction to Loan Decisions
Friday, September 25, 2015 6:30 AM

Filene has produced a new series of reports that investigates why members prefer a particular financial institution for a specific loan category. While each product-level breakdown will come with its own list of drivers and takeaways, here are some of the common themes that emerged from the research:

  • The percentage of members choosing a bank tends to increase with the size of the loan.
  • When offered low fixed rates and better-fitting loan types members are willing to ignore credit union loyalty and select banks for their mortgage needs.
  • While Net Promoter Scores are great for measuring member loyalty, the focus should be on targeted marketing campaigns to improve market share.
  • Members rarely shop for loans and behaviors differ among loan categories. Only about 1 in 10 applies with more than one institution.

Learn more about Filene's study here.