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CU System
CUs service reps respond faster than big banks
WASHINGTON (3/17/10)--Credit unions and community banks respond to member-customers faster than big banks, according to a survey of the time it takes to contact a member or customer service representative via phone. Robert Rubin, CEO of Facilitas, a company that helps consumers switch to new financial institutions, and creator of FindABetterBank.com, decided to measure how long it takes big banks, community banks and credit unions to route a caller to a service rep, he wrote in Huffington Post (March 15). The group called 75 banks, nine credit unions and five online banks each three times--in the morning, during lunch time, and at the end of the day. Callers conducted the calls from March 3 to March 15. The result is Time2Talk (T2T), the average time of the three phone calls, Rubin wrote. The findings:
* It took 36 seconds longer to speak to customer services reps at big banks than at credit unions and community banks. Rubin noted there were many examples where pressing zero didn't connect to an operator. * Roughly 76% of credit unions and community banks managed to route the caller to a service rep in under two minutes. Only 56% of the big banks managed to do so. Rubin said under two minutes is a "reasonable expectation." * Twenty-nine percent of the credit unions and community banks routed the callers to a rep in under 30 seconds. "No big banks did," said Rubin.
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