ANN ARBOR, Mich. CFI Group, a customer satisfaction technology and analytics firm, said it has identified four drivers of member satisfaction, and concluded these should be a focus area for the industry.
The drivers most likely to impact member satisfaction are “Online banking,” “Branch staff,” “Branch convenience,” and “Information/communications.” CFI Group said the findings were part of its inaugural credit union industry study, the 2013 Credit Union Satisfaction Index (CUSI). The study includes industry-focused insights and is powered by American Customer Satisfaction Index (ACSI) methodology, a patented scientific approach to customer satisfaction measurement, CFI Group said.
The CUSI research rates six drivers of satisfaction on a 0-100 point scale according to responses from 400 active credit union members from across the U.S. Credit unions score consistently high across the board with drivers scoring in excess of 80 points. This data is consistent with CFI Group’s own work in the credit union industry. The company said credit unions score significantly higher than other industries, including retail banking.
Since 2007, the credit union industry has seen membership grow by slightly more than 5% and assets under management grow by roughly 33%. This growth has come primarily at the expense of for-profit banks, CFI Group said.
See the print edition of Credit Union Journal for more details from the study.
