Credit Unions Beat Banks in Customer Satisfaction

When it comes to customer satisfaction, credit unions rank #1 among financial institutions, according to some new data from the American Customer Satisfaction Index (ACSI) offered by Credit Union National Association (CUNA).

In the Index, credit unions achieved an average ACSI customer satisfaction score of 85, while banks could only score 76.

Of course, the term “customer satisfaction” is somewhat relative, since credit union “customers” are actually Members. CU members are part-owners of the credit unions they belong to, as CUs are not-for-profit collectives.

However, customer service benchmarks are similar when comparing banks to CUs. They measure such things as expectations met, quality of service, value and loyalty. In these crucial areas, credit unions continue to beat other financial institutions by a considerable margin.

Credit unions also outpace banks in the availability of products and services offered, the ease of making account changes, interest rate competitiveness, understanding account information and in having courteous and helpful staff.

In all of these crucial areas, credit unions are ranked #1.