Credit unions lead the way within the financial industry when it comes to member or customer satisfaction, according to the American Customer Satisfaction Index.
In its annual report released Tuesday, ACSI said credit unions are at an all-time record high when it comes to overall satisfaction.
The report’s respondents said they are more satisfied than ever before with credit unions, as the industry’s score soars 8.7% to 87 on a scale of zero to 100, which is the highest score ever reached by any of ACSI’s 47 industries, the index showed. In just one year, credit unions have tripled their ACSI lead over banks.
Claes Fornell, ACSI’s founder, said while it is too early to quantify just how much business the big banks have lost to smaller competitors, the new ACSI data suggest credit unions and smaller banks now have become an even more attractive alternative for consumers.
“Banks are facing difficult times on multiple fronts: Profits are being squeezed, regulators are more demanding, foreclosures remain problematic, and consumers are fighting back on fees. On top of all this, many banks are losing customers, including defections prompted by grassroots efforts like the recent Bank Transfer Day,” Fornell said.
In 2010, credit unions experienced a 5% drop in satisfaction attributed to rapid growth, higher fees and reduced customer service, ACSI reported.
The December report from ACSI measures retail banks, credit unions and insurance companies.
Data is collected from interviews with approximately 70,000 customers annually is used to measure satisfaction with more than 225 companies in 47 industries and 10 economic sectors, along with more than 200 services, programs, and websites of approximately 130 federal government agencies, according to ACSI.