Members Rank Credit Unions High in Branch Service: CUSI Study
Branch convenience, branch staff, online banking and communication were key reasons why members said they were satisfied with their credit unions.
According to the 2013 Credit Union Satisfaction Index from technology and analytic firm CFI Group, credit unions scored in excess of 80 points on a 100-point scale in several areas based on responses from 400 members from across the U.S.
Of the six drivers of satisfaction measured, the CUSI study found that four played a significant role in driving member satisfaction: online banking (92), branch staff (93), branch convenience (85), and information/communications (90).
Members gave a score of 89 for products and services and 83 for rates and fees, according to the study.
Checking and savings accounts had the highest penetration, both at 94%. Individual retirement accounts, primary mortgages and certificates of deposits had the lowest penetration at 7%, 9% and 12%, respectively.
Other findings from the survey revealed why members joined their credit unions. The top reason was it was offered through their employers (23%), followed by a recommendation from someone (20%).
Consistent with industry data, the age group that had the most members was in the 50- to 64-year old range at 30% with 35- to 49-year olds making up 26%.
Only 9% comprised the 18- to 25-year old age range and 16% for the 26- to 34-year old age bracket, the data showed.
Since 2007, the credit union industry has seen membership grow by slightly more than 5% and assets under management grow by roughly 33% over this same period, according to the Ann Arbor, Mich.-based CFI Group.