Credit Unions Continue Streak of Rating Highest In Consumer Satisfaction

July 24, 2001

FOR IMMEDIATE RELEASE
Contact: Pat Keefe
(202) 218-7774
pkeefe@cuna.com

WASHINGTON -- Continuing a unbroken streak that began in the 1980s, credit unions have once again been rated first in consumer satisfaction by their members, according to the results of a consumer survey conducted by the Gallup organization for the American Banker newspaper, a trade publication.

According to the poll results published by the Banker July 24, 75 percent of credit union members (those consumers participating in the survey who identify a credit union as their "primary financial institution") said they were "very satisfied" with the service they receive from their credit union. By comparison, 58 percent of bank customers said they were "very satisfied," and 68 percent of thrift customers said the same.

"It's most gratifying for us and our members to see that credit unions have, once again, rated highest in satisfaction among consumers," said CUNA President and CEO Daniel A. Mica. "The plaudits go to the credit union boards and staffs who have maintained the highest level of member service and satisfaction."

Credit unions also fared the best, according to the survey, in improvement of service to their members. Forty percent of credit union members responding to the survey said service at the credit union had improved in the last year. Only 3 percent said service had deteriorated. Only 16 percent of bank customers said service had gotten better (and 12 percent said it had faltered). Among thrift customers, 22 percent said service had risen.

According to the Banker, the "service" responses were the best credit unions had posted in the past decade--and the worst for banks.

CUNA President Mica said the consumer satisfaction report holds some other messages for credit unions. "Credit unions have been successfully maintaining the highest spot on the consumer satisfaction list for several years, but others are beginning to creep up on the standings," he said.

Mica added that credit unions are intent on maintaining their high level of member satisfaction, and the CUNA Renaissance initiative is aimed at helping them do that. "Credit unions want to remain credit unions, maintaining their cooperative structure and direction by volunteers chosen by the members from among the membership. It is becoming increasingly clear to credit unions, however, that in order to maintain the highest level of member satisfaction, and maintain their unique structure, they will need flexibility and options available to them. The CUNA Renaissance initiative is aimed at accomplishing that for them."

With its network of affiliated state credit union leagues, CUNA serves more than 90 percent of America's 10,700 credit unions, which are owned by more than 80 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information, visit the CUNA and Affiliates website at http://www.cuna.org .

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