Credit unions stacked up well in the customer satisfaction department, compared with their other financial services peers, according to a recent survey from CFI Group.

The credit union industry scored an 87 on its third consecutive Credit Union Satisfaction Index, a figure that the Michigan-based analysis firm called “the gold standard” in the financial services field. The firm said it used American Customer Satisfaction Index (ACSI) methodology to arrive at its results.

“This is the third year we’ve measured customer satisfaction with credit unions and the results have been consistently strong,” CFI Group CEO Sheri Petras said in a statement. “The score of 87 is 8 points ahead of the banking average and 13 points ahead of the highest scoring bank measured by the ACSI.”

Further, the survey revealed that online and mobile banking had more influence on customer satisfaction than any other aspect of the customer relationship. A majority of respondents, 82 percent, said they had completed at least half of their banking transactions via online and mobile channels in 2015.

But that shouldn’t obviate the need for a physical presence. Just 11 percent of those surveyed said they considered the branch to be of little or no importance.

Twenty-four percent of survey respondents said their credit union offered a loyalty rewards program, and 47 percent said they found those programs to be valuable or extremely valuable, compared with just 2 percent found no value in those programs.

CFI Survey: Credit Unions Rank High On Customer Satisfaction

by Banker & Tradesman time to read: 1 min
0