Pressroom > Press Release
FOR IMMEDIATE RELEASE
Ohio Credit Union League
800-486-2917 or 614-336-2894
Credit unions rank #1
in consumer satisfaction for 21st consecutive year
(Dublin, Ohio -- Oct. 18, 2005) For 21 years in a row, credit unions ranked #1 in the "customer satisfaction" category of the 2005 American Banker/Gallup Consumer Survey. Seventy-one percent of members said they were very satisfied with their credit union.
Of respondents who named a bank as their primary financial institution, 63% this year said they were "very satisfied" with it—up from last year's 58%.
The percentage of "very satisfied" thrift customers fell one point, to 58%.
The report attributed banks' higher satisfaction ratings on improved customer service after five years of digesting acquired institutions, when banks changed names, shuttered branches and restructured hours and fees. The survey also found the percentage of respondents who said they trust banks less than credit unions increased to 27%, from 19%.
Other key findings
in the main article and related articles:
* Credit unions
gained on banks in consumer trust and confidence. The
percentage of respondents who said they trust banks less than
credit unions increased to 27% from 19%.
* When consumers were
asked why they stick with their primary financial institution,
the top answer for banks was convenience (46% of bank customers
said this vs 31% of credit union members). As one would expect,
credit unions scored highest (and ahead of banks) in "good
service/friendly/fast/helpful" (24% vs 21% for banks) and
"interest rates/fees/pricing" (23% vs. only 6% for banks).
* Credit unions and
banks were even when consumers were asked whether they are "very
concerned" their primary financial institution may release their
personal information. 23% of bank customers and 23% of credit
union members voiced this concern. For thrifts, the number was
higher, 27%. For banks and CUs, that's an improvement over 2004
figures: 31% for banks, 28% for credit unions.
* Credit unions
scored ahead of banks when consumers were asked if they would
look to their primary financial institution when shopping for a
new financial product or service. 46% of credit union members
said they would compared with 44% of bank customers.
Service Comeback Boosts Satisfaction Ratings,"
October 18, 2005
Top of Page