ANN ARBOR, Mich.–CU members have shown no change in their level of satisfaction with their credit unions, according to a new survey.
The Credit Union Satisfaction Index (CUSI) from CFI Group, which surveys U.S. credit union members about their experiences with their credit unions, found at the end of 2017 that member satisfaction remains at 84, as measured on a 0-100 scale. That finding is the same as 2016.
To understand what drives satisfaction among members, CFI Group said it applied its patented customization of the American Customer Satisfaction Index (ACSI) methodology and revealed the two key factors driving member satisfaction are, not surprisingly: 1) the personal service delivered by branch staff, and 2) the breadth and competitiveness of the products and services offered.
"Credit unions have been experiencing solid growth in key metrics such as total assets, total loans, and number of members," said CFI Group CEO Sheri Petras in a statement. "However, member expectations are changing quickly. To continue this growth pattern, credit unions must innovate with new offerings that center on enhancing the member experience."
CFI Group said it further found the traditional value proposition around rates is changing, with members growing discouraged by low deposit interest rates. “But instead of just adjusting account rates and fees to acquire more member business, credit unions should more actively pursue innovation with new products and services that meet the quickly-changing member expectations.”