Credit Unions Keep Beating Banks in Customer Service
Credit unions are still beating banks in terms of customer satisfaction, according to the latest data from the customer experience measurement experts at CFI Group.
CFI Group’s 2019 year-end Credit Union Satisfaction Index (CUSI) is 83, as measured on a 0-100 scale, down three points from last year but still four points above the bank satisfaction score.
Credit unions score higher than banks on key customer experience measures, such as rates and fees, products and services, and interactions with branch and contact center staff.
“Credit unions have always enjoyed strong member engagement,” said Sheri Petras, CEO of CFI Group, a leader in CX solutions for over 30 years, “but member engagement has now expanded into a multifaceted omnichannel environment. This means credit unions now need to measure and manage their customer interactions across multiple channels in order to drive customer satisfaction overall and effectively compete with banks.”
One area of focus is community involvement, something members say they appreciate.
“Credit union members often have a direct connection to their credit union, so their relationship to the credit union is not just fiscal,” said Mark Galauner, Senior Insights Consultant at CFI Group. “As a result, members have high expectations from their credit union. Community involvement is one area where members see these high expectations fulfilled, leading to even stronger engagement with their credit union.”
Credit unions have these advantages over banks:
People Like Their CUs: In the past 12 months, two out of five members say they have recommended their credit union to others.
Local Focus Is Key: 82% of members say it’s at least somewhat important to bank with an institution that contributes to local community projects.
Lower Fees Please: Members rate their fees 14% better than the rating given by bank customers for their fees.
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