Credit unions lead banks large and small in consumer satisfaction with the online channel, according to a new report.
The 2009 Online Financial Services Study just released by ForeSee Results and Forbes.com said that online members of credit unions "are substantially more satisfied than online customers of large, national banks and smaller, regional banks."
ForeSee Results, which has been conducting the survey since 2003, said this year's was conducted among nearly 2,500 respondents between March 3 and March 18. The results were analyzed using the University of Michigan's American Consumer Satisfaction Index (ACSI), which uses a 100-point scale.
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The score for credit unions was 86, compared with 82 for the small and large banks.
The research and advisory company said that overall, credit unions and banks improved one point in this year's survey, moving to 83. Very few service industries ever break 80, ForeSee Results said, noting that credit card Web sites increased by seven points to 80 while investment Web sites improved four points to 78.
"It's not an easy environment for financial institutions to do business," said Larry Freed, president and CEO of ForeSee Results. "But they don't need to reinvent the wheel or their Web site strategy just because the economy is in crisis. Focusing on the right fundamentals makes a big difference to the consumer experience over time."
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