Satisfaction With Credit Unions Vs. Banks Rises Slightly In Survey

ANN ARBOR, Mich.–The new year-end Credit Union Satisfaction Index (CUSI) stands at 86, showing a slight increase in the level of satisfaction among credit union members over that of bank customers.

CU Satisfaction Index

The survey, conducted by CFI Group, measures satisfaction on a 0-100 scale and is calculated based on feedback from 497 respondents who have a current financial relationship with a credit union. According to CFI Group, credit union satisfaction historically has run several points higher than the bank satisfaction barometer. Banks closed the gap to two points in 2016, but the gap has widened again to six points in 2018.

Not surprisingly, members who experience a problem with their credit union are significantly less satisfied than those who do not. Those who have had a problem within the last 60 days are less satisfied with the credit union experience, less likely to remain a member, less likely to use additional services, and less likely to recommend the credit union to others, CFI Group reported.

All About Resolution

"It's really about resolving member problems," said CEO Sheri Petras. "Of course, you'd like to eliminate member issues completely, but that's not realistic; there will always be some members who experience issues. And we have found that a third of those members never report the problem to the credit union. The challenges for the credit union, then, are to run member feedback mechanisms that capture unreported problems, and develop the processes needed to deliver rapid and effective problem resolution for members."

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Copyright Year: 2019
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