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Is Your Credit Union Losing Ground With Members?

For the first time, banks surpass CUs in customer satisfaction in the American Customer Satisfaction Index – here’s how CUs can catch up.

By Kylee Wooten | February 24, 2020 at 09:33 AM
check mark next to a happy face Source: mamagio/Shutterstock

Banks have been closing the gap with credit unions in recent years, tying credit unions’ satisfaction score at 81 in 2018, according to the American Customer Satisfaction Index (ACSI). In its latest report, banks surpassed credit unions in customer satisfaction, with a score of 80 and 79, respectfully. This is the first time in the history of the survey that banks had a higher satisfaction score than credit unions.

The drop also marks the first time that credit union satisfaction has dropped out of the 80s – a significant dip from its peak score of 87 in 2011. So, why are credit unions losing ground with members? Some point to technology. “Customers want mobile options … As technology improves, so does customer satisfaction,” David VanAmburg, managing director at the ACSI, said.

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