Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
New survey CUs among elite in loyalty rankings
WABAN, Mass. (3/21/12)--Credit unions continue to stand among the elite when consumers are asked to rate their loyalty to companies, according to a new survey.

A survey of 10,000 U.S. consumers about their loyalty to 206 large companies across 18 industries showed only seven companies have "very strong" loyalty ratings. Credit unions ranked No. 5, just behind  Sam's Club, Aldi, USAA, and Publix and ahead of Amazon.com, and H.E.B. At the other end of the spectrum, 37 companies earned "very weak" loyalty ratings.

The survey report was released Tuesday by Temkin Group, a Waban, Mass., customer experience research firm.  Last month Temkin released results of another customer satisfaction survey targeting experience and credit unions also scored highly in that survey.

In this week's survey, grocery chains, retailers and fast foods scored as the top three industries, with an average rating of "strong."  At the bottom: TV service providers and Internet service providers.  Credit card issuers and banks were in six of the bottom nine spots in the ratings.

"Our research shows that loyalty is up for grabs across many industries," said Bruce Temkin, managing partner of Temkin Group and the report's author.

The ratings examined three components of loyalty:

  • Likelihood of consumers to recommend companies;
  • Reluctance of consumers to switch business away from companies; and
  • Willingness of consumers to purchase additional products and services from the companies.
Credit unions also had double-digit loyalty leads over the banking industry average. Credit unions were among nine companies that fell into that category.  Citibank, Bank of America, HSBC were 15 or more percentage points below the banking industry average.

Credit unions were also among three companies showing the most improvement over last year. Nineteen companies saw loyalty ratings improve, the report said. For more information, use the link.
Other Resources

RSS print
News Now LiveWire
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
11 hours ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
11 hours ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
12 hours ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
12 hours ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
15 hours ago