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The credit union industry has made excellent member service a cornerstone of our business model. For current credit union members, this approach seems to have worked; according to a Filene study, credit unions outperform banks for member/customer satisfaction. But that’s the current membership, and while they say they love their credit union, it hasn’t translated into increased market share. If credit unions want to grow as an industry, our definition and delivery of service must evolve.

Market research indicates areas credit unions need to improve. First, a secret shopper project by RateWatch and IntelliShop indicated that shoppers in search of a new financial institution, after interacting with staff at both banks and credit unions, rated the service higher and felt more confident about big banks. What are we missing with these new people if current members rate us so highly?

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