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Pandemic Issues Cause Drop in Consumer Satisfaction for Credit Unions, Banks

New Foresight Research suggests consumers who intend to switch to a new financial institution has nearly doubled.

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Satisfaction among credit union members and bank customers with their primary financial institution during the pandemic dropped considerably, and members and customers who are planning to switch to a new financial institution has nearly doubled, according to a new study from Foresight Research in Rochester Hills, Mich.

“The average decline on specific satisfaction metrics dropped 4% – considerably less than expectations,” reported Foresight Research, which surveyed more than 10,000 randomly sampled households in 44 metropolitan markets from December 2019 to March 2020. In July 2020, the research firm also conducted a second sample of 661 surveys with the same respondent profiles and questionnaire.

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