Last year, online surveys from J.D. Power showed that, for the first time, consumer satisfaction at big banks surpassed consumer satisfaction at community and regional banks. This marks a dramatic shift in consumer perception – a shift that should concern executives at smaller institutions.

Credit unions have a similar cause for concern since data from the American Customer Satisfaction Index reveals that member satisfaction at credit unions has more or less plateaued over the past five years.

While there are many possible reasons for these trends, one of the most likely has to do with the digital experience. That is, big banks have developed mobile banking apps that stand above the competition, which is what consumers want. In fact, a survey from MoneySummit found that 71% of consumers would rather have a simple and easy digital experience than friendly and helpful staff. In other words, when members think of "member satisfaction," the digital experience likely plays a far bigger role today than it used to.

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

  • Critical 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 and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.