NEW YORK - When it comes to consumer satisfaction with their financial institution, credit unions are king.
A just-released study by Datamonitor, "Datamonitor Consumer Panel 2000: Optimizing Customer Retention," examined consumers' satisfaction with their dealings with their credit unions, banks, insurers, and investment companies. The study specifically looked at product solicitation, the purchasing process, and after-sales communication.
Datamonitor's research found that when it comes to price and service, consumers were very satisfied with their credit union as compared to with their bank.
Approximately 78% of those polled said they were very satisfied with the price of their last purchase (loan, etc.) from their CU, while only 54.9% said they were satisfied with their last purchase from their bank.
As for service, 84.8% of the credit union members said they received "Excellent/Very Good" degrees of service, while 64.4% of those that purchased a product from a retail bank said so.
