ANN ARBOR, Mich. (6/5/13)--Credit unions score consistently higher than banks across the board in six areas that drive consumer satisfaction, says a new credit union industry study from CFI Group, a customer satisfaction technology and analytics firm based in Ann Arbor, Mich.
The 2013 Credit Union Satisfaction Index found credit unions scored an overall 90 on a 0-to-100 point scale, significantly higher thant other industries, including retail banking. CFI Group's report noted that it considers scores in the 70s as good, 80s as excellent and 90s as outstanding.
Credit unions had these scores in six areas that drive member satisfaction:
- Branch staff, 93;
- Online banking, 92;
- Information/communications, 90;
- Products and services, 89;
- Branch convenience, 85; and
- Rates and fees, 83.
The report noted that of the six drivers, four are key and should get credit unions' focus. Online banking contributes 42% toward increasing member satisfaction; branch staff contributes 31%; branch convenience, 17%; and information/communications, 10%.
The index also tells why members joined their credit union:
- Benefit through employer, 23%;
- Someone recommended it, 20%;
- Good rates and fees, 14%;
- Offerings are right for me, 13%;
- Convenient location, 11%;
- More personalized service, 11%; and
- Other, 7%.
The survey also looks at penetration of products and services among members. Checking and savings products each account for 94% penetration, and debit cards, 73%. Other products have 30% or less penetration.
The index is powered by the American Customer Satisfaction Index methodology and surveyed 400 active credit union members from across the U.S. between March 13 and March 17. Use the link to access the full report.
Fostering service excellence is one of the three foundations--along with removing barriers and raising awareness--of the national Unite for Good campaign aimed at achieving credit unions' strategic vision in which Americans choose credit unions as their best financial institution, according to the Credit Union National Association. For more information, use the Unite for Good and aSmarterChoice.org links.