CUA losing members

08/10/2009

Australia’s largest credit union, CUA, is losing members despite investing in a slick marketing campaign featuring high-profile TV celebrities and scoring well in customer satisfaction surveys. CUA suffered a net decline in membership for the year to June 2009 of about 4000 members.

Chief executive Chris Whitehead says recent mergers and flat lending growth are to blame. “Membership growth has been nowhere near as much as we’d like, that’s true,” said Whitehead. “Lending hasn’t been growing for us and that’s been the main reason for that.”

CUA has approximately 330,000 members.

“When we merged with Australian National Credit Union we found there were quite a few duplicate memberships. We have also worked hard to clean out our membership list since the merger. Often people don’t close their accounts when they leave so the figures that we are seeing now are more a true reflection of the number of real members we have.”

CUA topped a recent ‘day to day banking’ customer survey by consumer groups, recording the highest proportion of satisfied customers, with an overall score of 84 per cent.

Source: The Sheet

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