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Consumers More Satisfied with CUs than Banks
Wednesday, December 11, 2013 7:00 AM

Rising satisfaction with financial services - including credit unions and banks - pushes the national level of customer satisfaction to a new high in the third quarter of 2013, just ahead of the stock market’s record high. According to a report released yesterday by the American Customer Satisfaction Index (ACSI), the index is up 0.3 percent to 76.7 on a 0-100 scale, and overall customer satisfaction with retail banking is back to its pre-recession level.

The ACSI Index finds that smaller banks, (+5 percent to 83) and credit unions (+4 percent to 85) far outdistance their larger competitors in customer satisfaction. Among the largest four banks, JPMorgan Chase maintains the lead with a 3 percent gain to 76, while Citigroup jumps 6 percent to 74, and Wells Fargo edges up 1 percent to 72. Bank of America registers its largest improvement in a decade (+5 percent to 69) but remains in last place, and is the only bank that has yet to restore its pre-recession level of customer satisfaction.

Credit unions and banks received good marks for their customer service at branches and for online banking. On the other hand, customers give a failing grade to the competitiveness of bank interest rates, while credit union members find the lack of convenient ATMs and branches to be the most troublesome aspect of the experience.

“This is a great opportunity for credit unions to educate their members about shared branching and the CO-OP ATM network,” notes Brian McCue, vice president of Credit Union Resources’ Remote Transaction Resources. “Often times we find that members are not even aware that their credit union participates in these cooperative networks.”

McCue encourages credit unions that are not currently participating in these cooperative networks to give it serious consideration as convenience is a huge factor for consumers when they consider who will be their primary financial institution.

For more information on CO-OP Shared Branching or the CO-OP ATM Network, please contact McCue, at (800) 442-5762, ext. 6426 or bmccue@curesources.coop. You may also find additional information on Credit Union Resources’ website.