CU members more satisfied than bank customers

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Dec. 13, 2013 – Credit unions’ satisfaction score is up from 82 in 2012 to 85 in the latest American Customer Satisfaction Index, while large bank customers only rated their experience a 73.

“Credit union membership has swelled in recent years, hitting a record high in 2011, breaking it again a year later and on target for another record in 2013,” according to the report. “Almost three-quarters of all credit unions offer free checking compared with about one-third of banks and they typically offer lower interest rates on loans and revolving credit. These are major reasons that customer satisfaction with credit unions climbs 3.7% to an ACSI benchmark of 85, a good deal higher than for banks, large (73) and small (83).”

Respondents also praised credit unions’ member service – rating it at 93 – and quick, convenient transactions. High marks were also given for the variety of financial services offered, and to the quality of credit union websites and call centers.

“Unlike bank customers, credit union clients are of the opinion that their current credit union offers competitive interest rates (ACSI benchmark of 85),” the report continued. However, respondents rated credit unions lower in response to the number of ATMs and branches.

The survey also collected satisfaction ratings for health insurers, property and casualty insurers and life insurers. The data was compiled from interviews with around 70,000 customers.

Related Links:
ACSI survey