Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON-According to the 2003 American Banker/Gallup Consumer Survey, consumers are feeling increasingly neglected by their financial institutions, particularly credit unions. While American Banker reported that respondents who were very satisfied with their primary financial institution dropped from 55% to 63% last year, credit unions rated the largest drop among consumers from 76% to 63%. Banks decreased from 61% to 54% and thrifts fell three percentage points to 55%, the Banker reported. Analysts have said that many consumers are disappointed with their financial institutions’ handling of their refi’s, according to the banking daily. “As credit unions get bigger, it’s a constant challenge to try and retain that personalized feel,” Jay E. Johnson, an executive vice president at Callahan & Associates Inc., told the Banker. CUNA President and CEO Dan Mica was quoted as saying that the quality of service at large credit unions has not fallen, but that some consumers may see consolidation as a thorn in their sides. This sentiment has led 20% of those surveyed to open an account at a small bank or credit union in the past year, while 8% responded that they “seriously considered” it. Corporate scandals also affected responses as those surveyed said that was the key factor in their lack of confidence in the financial services sector, the Banker reported.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.