ANN ARBOR, Mich. – Member satisfaction with their credit unions has taken a slight dip in a new poll.
According to a study conducted by the American Customer Satisfaction Index (ACSI), “credit unions are now beginning to feel pressure to increase performance.” ACSI noted that historically CUs have had significantly higher consumer satisfaction with checking, savings and personal loans than the big banks, but for the first time since 2008, satisfaction declined 5% to an index score of 80. Banks received a rating of 76.
“The main reason for the sudden drop is customer satisfaction among credit unions is partly due to the expansion of new offerings, including mortgage and investment banking,” ASCI said in its analysis. “This jump into new markets has hurt a number of credit unions, which was forced to cut costs to recover losses.”
Among the other findings:
* When those who are unhappy with the big banks leave, overall customer satisfaction improves. Even as the big banks introduce new bank fees, the study found customers are finding ways to avoid them.
* Among the big banks Wells Fargo held strong, keeping its No. 1 spot with an index of 73. Citigroup, which increased by 2% to 69, came in second, followed by Bank of America, which also saw an increase of 2% to 68. Chase came in last among the big banks with an index of 67, down 2% – the fourth consecutive decrease.
The study was based on 100,000 telephone interviews.
