Member Voices: Unveiling Trends and Insights from Our Member Survey
To keep our members at the center of all we do, we must recognize, understand, and act upon your needs. In May 2023, we surveyed more than 650 members to gain an accurate representation of those needs. We asked what you value in a financial institution, how you like to interact with a financial institution, why you choose SECU, and what we can do to continue to serve you well.
The following were our biggest takeaways.
Members place a high value on face-to-face connections and technological options.
While branches and local staff remain important to members, 90% of members also believe that quality and accessible technology is important.* Just as our members value personal connections in their branches, they value the benefits that technological advances bring. And so, we are meeting these needs by providing our members with the opportunity to bank how they see fit. As always, members can access their local branches and staff, yet also have the option to utilize our reliable and accessible technology including SECU’s online/mobile experience, ATMs, an enhanced call center, and electronic signature pads for loans made in branches.
Competitive rates are important to the majority of our members.
Among the many things members consider when choosing a financial institution, rates also rank high. Approximately 9 in 10 SECU members say competitive rates are important in choosing a financial institution.
To meet members’ borrowing demands, we aim to offer competitive rates across all credit situations. We started the roll-out of tiered-based lending in our auto loans and are working to tweak that program before rolling out subsequent tier-based product offerings.
Additionally, to help our members save more effectively, we’re enhancing our offerings, including Share Term Certificates (STC), with higher rates of return than other typical SECU deposit products.
And of course, we have a team of experts in our branches who are passionate about helping members select and sign up for the products and services that provide them the most value and protect their financial health.
Members overwhelmingly like and recommend SECU.
Over 90% of SECU members hold SECU in high regard, twice the average across other financial institutions. The same goes for North Carolina residents who aren’t SECU members: They rate SECU 20 points higher than other financial institutions in the state.
Members are also inclined to let others know about the positive experience they have with SECU. More than 9 out of 10 members are likely to recommend SECU to other eligible friends and family, demonstrating how well SECU is meeting member needs.
Members want their financial institution to be financially sound.
Over 70% of members say the financial strength of their financial institutions is very important. It makes sense that members seek a financial institution that is financially strong. Trust and comfort in a financial institution comes from knowing that thoughtful and wise decisions are being made internally to create a financially sound organization and a secure future.
SECU’s stability is supported by its high-quality loan portfolio and safe, investment portfolio. We also maintain strong earnings and substantial loan loss reserves and capital. Our strong membership base, positive reputation, and 86-year history add to our enduring strength.
All in all, members say direct and tangible benefits are most important. Member service, financial strength of the organization, competitive rates, and great tech matter most when choosing a financial institution. At SECU, we are committed to serving you how you want to be served, whether it’s through our differentiated offerings or our unwavering, reliable, and local member service.
*SECU conducted an online survey of North Carolina residents from May 12–24, 2023. The survey included n=1,392 respondents including an oversample of n=661 SECU members. To qualify for the survey, respondents needed to live in North Carolina, have heard of SECU and not work in the financial services industry.
Read the Full Strategic Plan
Developed in partnership with and approved by the Board of Directors in 2022, this plan outlines our vision for the future of SECU and is guided by four strategic focus areas: Member Experience; Employee Experience; Digital Innovation; and Safety and Soundness.