Member satisfaction with credit unions edged higher in 2018.
According to the CFI Group, the Credit Union Satisfaction Index rose by 2 points to 86 in 2018.
The study found the biggest driver of satisfaction was the improvement in the branch experience. Branch Convenience and Branch Staff were up 4 and 3 points respectively. The only area to slip from last year was Online Banking.
The study notes that "to thrive in 2019, credit unions will need to compete beyond just rates and fees." Only 18 percent of credit union members stated reasonable rates and fees were their primary reason for joining a credit union.
The number one reason for joining a credit union was a recommendation from someone I trust.
The study found that 1 in 10 credit union members reported an issue or problem in the last 60 days; but one-third did not report it.
Credit union members who have an issue or problem within the last 60 days were less satisfied, less likely to use additional products, less likely to recommend the credit union, and less likely to remain a member.
CFI Group recommended that credit unions need to develop processes that quickly and successfully address member issues.
Read the press release.
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