Credit unions in America are ranked first in customer satisfaction, significantly outpacing all other financial institutions, according to findings released today by the American Customer Satisfaction Index (ACSI). The 85 customer satisfaction score is first among financial institutions, where the average bank score lags behind at 76.
ACSI measures components including expectations, quality, value, loyalty and having lower complaint rates, and is the only national cross-industry measure of customer satisfaction in the United States. The index measures the satisfaction of U.S. household consumers with the quality of products and services offered by both foreign and domestic firms with significant share in U.S. markets.
This is the seventh consecutive year that credit unions have ranked above banks in every component of the index.
“The ACSI score demonstrates how credit unions are best in class in financial services,” said Jim Nussle, President and CEO of the Credit Union National Association (CUNA). “Credit unions are steadfast in their dedication to member services, in large part because credit union members are credit union owners. Our not-for-profit structure allows us to serve our members rather than focus on maximizing profits for shareholders.”
The report addressed key findings for all measures that accounted for credit unions taking the number-one ranking in customer satisfaction. Members of credit unions have higher expectations of their credit union than customers of banks do – and over the past two years, not only have member expectations increased, but credit union satisfaction scores have increased as well.
Member loyalty is also greater at credit unions, according to the report, which says the likelihood that a member will continue to do business with a credit union is significantly higher (nearly 20%) than all others measured in the survey.
Member’s perception of the quality of service received for each dollar spent at a credit union is also much higher than banks, according the ACSI survey results.
Additionally, credit union member complaints about service are very low, with the report indicating that the complaints rate among credit union members is less than half that of banks.
Credit unions also outpace banks in measures such as: availability of products and services; ease of making account changes; interest rate competitiveness; understanding account information; and courtesy and helpful staff.
The ACSI report aligns with other rankings that put credit unions at the top of their field, including a recent Harris Poll that found consumer trust in credit unions steady while banks were in decline. In August, the Chicago Booth Kellogg School Financial Trust Index showed that consumers trust credit unions more than banks. The index (which is sponsored jointly by the Kellogg School of Management at Northwestern University and the University of Chicago Booth School of Business) showed trust in credit unions is 60% while trust in big banks is 30%.
In this article
- American Customer Satisfaction
- American Customer Satisfaction Index
- Credit union
- Credit Union National Association
- Financial services
- Harris Poll
- Jim Nussle
- Ohio Credit Union System
- the University of Chicago
- University of Chicago Booth School
- North America
- United Kingdom
- Top Stories