ANN ARBOR, Mich. (8/29/14)--The importance of branches to members continues to see-saw, according to the CFI Group's latest Credit Union Satisfaction Index (CUSI). Potential members see them as a key reason to join a credit union. Current members appreciate the way they are treated at their branch but are looking for new channels such as mobile for service.
CFI Group Graphic
In the second installment of its CUSI, CFI Group found that the branch experience continues to be highly rated at 92--"a reflection of members' ongoing delight with the way they are treated."
At 31%, branch convenience remains a high point for why a member chooses a credit union. Once part of the fold, the member shifts focus to other satisfaction factors such as mobile access or new products.
"As our lives are becoming increasingly technology-centric, it is only natural for members to desire access to their accounts remotely," said Terry Redding, CFI Group vice president of sales and marketing. "Even though the vast majority of members are using online and mobile banking, members still want the convenience of a nearby branch, exceptional service and the ability to access their accounts in-person if they choose to do so."
Expanding the ATM branch experience may fill members' needs. The report notes that there is a genuine appetite for ATM services such as paying credit card bills (38%), making a loan payment (30%), purchasing a CD (29%) and opening an account (28%).
Members' desire for online and mobile services continues to grow across all age ranges, which designers need to take into account. The report noted, "Applications that work well for eagle-eyed and text-savvy young people may not have the same appeal to their perhaps 'fatter-fingered' and glasses-wearing parents."
The CUSI model looks at six satisfaction drivers: products and services, information and communications, branch staff, branch convenience, rates and fees, and online and mobile banking.
Overall member satisfaction is strong at 86--a decline from 90 in the 2013 inaugural report--but banks ticked up one point to 80 from 79 in CFI's Bank Satisfaction Barometer report.