Customer Satisfaction Highest at Credit Unions

Credit unions recently set an all-time record for their superior member service, beating out 47 other industries and increasing their lead over banks, according to data released Tuesday by the American Customer Satisfaction Index. The index, which is a national economic indicator of U.S. consumers’ evaluations of products and services, rated the credit union industry with a score of 87 out of a possible 100 for customer satisfaction. ASCI said that is the highest score ever reached by any of the industries it assesses.

Customer satisfaction among banks decreased 1.3 percent to 75. The ASCI report scored Bank of America in last place due to the bank’s revenue challenges and plans to charge new debit card fees that were later rescinded amid public outcry. Claes Fornell, ACSI’s founder, noted that the migration of consumers from banks to credit unions is just one of the multiple challenges the banking industry is facing. The ACSI data suggest credit unions and smaller banks now have become an even more attractive alternative for consumers, Fornell said.

Mark Bold
President