CHICAGO (8/14/13)--Research about financial institutions' (FIs) call center hold times has provided an opportunity for the Credit Union National Association to tell the Chicago Tribune how credit unions continually beat banks in overall member/customer satisfaction.
Paul Gentile, CUNA executive vice president of strategic communications and engagement, told the publication Tuesday that more than two million consumers joined a credit union in 2012, with another 700,000 doing so in first quarter of 2013.
Credit unions provide great rates, low fees and excellent member service, and also win on trust. Gentile pointed out results from the Chicago Booth /Kellogg School Financial Trust Index that shows credit unions beat banks on trust, with 62% of people surveyed trusting credit unions--compared with 56% for local banks and 28% for national banks.
The latest study, by Lake Bluff, Ill.-based Moebs Services, found that call centers at FIs--including credit unions--are more efficient than at most retailers at answering their phones, with 53.1% of call centers answering on the first ring. "If you wait when you call a FI, you don't wait long," said Michael Moebs, CEO and economist at the economic research firm.
The study found that asset size matters, with smaller asset FIs having substantially fewer callers with hold time--44.1%--compared with larger depositories. It noted that FIs with $25 billion to $50 billion have 64.3% of their callers with wait time, with a minute and a half difference between large assets FIs and smaller ones.
"The study is a strong response to those in Congress, financial institution regulators and consumer advocates because it shows FIs--even the largest--really do try to respond to their consumers," said Moebs in a press release. "These are results banks and credit unions should be proud to have."
Raising awareness about the value of credit unions to members and the community is one of three components to CUNA's and the state leagues' Unite for Good campaign, which strives toward the strategic vision in which Americans choose credit unions as their best financial partner.