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Temkin Survey: CUs Continue High Scores In All Areas
WABAN, Mass. (8/14/13)--Credit unions continue to be held in high regard by their members, according to a new Temkin Ratings survey. This time credit unions are the only financial institutions that made it into the top 20 of all five consumer feedback categories.
 
Credit unions did well in the areas of experience, loyalty, forgiveness, trust, customer service and Web experience. Their main competition was a financial non-profit cooperative bank, USAA.
 
The Waban, Mass.-based Temkin Group asks consumers to rate their experiences with more than 100 companies, including individual banks.  Credit unions are included as a combined group, with no particular credit union being rated.
 
Here are the ratings:
  • Customer service--how satisfied consumers were with recent customer service experience. Credit unions beat all the banks. Credit unions, Publix grocery and Hy-Vee grocery all received the 71%--the highest score. The nearest banks were USAA (position No. 16) and PNC Bank (No. 19), each with 64% scores.
  • Trust--how much consumers trust the firms. Credit unions went head to head with USAA insurance and USAA bank and attained the No. 3 spot with 77%, with only two points separating them from No. 1 and No. 2. The second highest bank ranked 91st, with 56%.
  • Experience-- functional, accessible and emotional. Three grocery stores led the category, with Publix scoring the highest at 84%. Credit unions were in position 19, with a score of 79%, much higher than the banks. The first mention of a bank, USAA, was in position 28 with a score of 78%; the second mention of a bank  in the 61st spot, with a 74% score.
  • Loyalty--willingness to buy more, reluctance to switch business away and likelihood to recommend the institution.  Sam's Club and Aldi beat the competition with USAA scoring 63% for third place. Credit unions were sixth, with 61%  The second highest bank was in the 30th spot, with  54%.
  • Forgiveness--how likely consumers would be to forgive a company for a mistake. Advantage Rental Car and USAA topped the group with 61% and 60% scores, respectively, while credit unions were ninth with 47%. The second highest bank was in the 150th position, with 28%.
  • Web experience--how satisfied with the company's website experience. No surprise here: Amazon.com scored highest, with 77%. Credit unions were in the eighth slot, with 69%, behind USAA and Regions.
Earlier this year, credit unions took first place in the industry for the second straight year in a customer experience survey by Temkin Group. Their  rating was 79%, compared with the banking sector's average score of 68.6% (News Now March 29).
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