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Customer Satisfaction Poll
Credit unions rank best
Customer Satisfaction for 16th straight year
American consumers have ranked credit unions as the leaders in customer satisfaction for the 16th straight year, according to the latest American Banker/Gallup consumer survey.
The rate of satisfaction at credit unions among consumer/members actually increased by 5 percentage points over last year’s poll, setting a new record while the rate of satisfaction fell at other financial institutions.
Nearly 79% of consumers surveyed who use a credit union as their primary financial institution said they were “very satisfied,” compared with 74% in 1999. Banks, by contrast, received a 53% “very satisfied” rating, down from 56% last year. Savings and loans and other thrifts scored 51% in this area, down from 55% last year, according to American Banker.
Credit unions also took the lead in other areas, including charging competitive rates on loans.
For example, 18% of bank customers said their institution did an “excellent” job on charging competitive rates. Compare that with 45% of credit union members who gave their institution the highest mark.
“The numbers simply reinforce the credit union difference,” said Paul Mercer, president of the Ohio Credit Union League. “Ohio credit unions continue to attract a growing number of the state’s consumers because credit unions put their members’ needs first every day. And Ohioans respond to