Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Study CUs look good trust drives wallet shares
BOSTON (8/15/08)--Consumers’ trust in their primary financial institution is directly correlated to wallet capture--and credit unions are doing well, indicates a study released this week. Credit unions are outperforming banks in rates, fees, pricing, products, reliability and engagement, according to the study, by Mercatus LLC, a financial services consulting firm (MarketWatch Aug. 13). The average wallet capture share for financial institutions increased by 18 percentage points on a five-point scale, from 34% at a trust score of 1, to 52% with a trust score of 5, the study said. Trust relationship scores for credit unions and banks ranged from 64% to 84%. Credit unions and local banks scored higher in transparency than other financial institutions at 75%, compared with national banks’ average score of 63%. Factors affecting trust include transparency of costs, employees’ willingness to go “above and beyond,” and operational processes clarity. Trust also drives retention and cross-selling. To build trust, the study said financial services providers should:
* Disclose fees for products and services; * Explain steps to open new accounts or address service issues; * Ensure safety of members’ information; and * Maintain fees at levels members expect.
Other Resources

RSS





print
News Now LiveWire
Through the snow, be on the lookout for a @CU4Kids @CMNHospitals @COOPFS billboard in @TimesSquareNYC this week
13 hours ago
.@CUNA , trades unite to urge Congress on #datasecurity action http://t.co/gzmZGX9nfF
16 hours ago
State of Wash. @dficonsumers has expanded its CAMEL ratings to include an "S" for interest-rate sensitivity.
17 hours ago
.@HUDgov tweets: Be sure to tune in tonight to watch @SecretaryCastro on @TheDailyShow with Jon Stewart http://t.co/B1L23NQaoJ
17 hours ago
.@NJCUL Southern Chapter meeting canceled due to the impending snowstorm
17 hours ago