WASHINGTON (12/14/11)--Credit unions have set an all-time American Customer Satisfaction Index (ACSI) record, with 87% of credit union members surveyed saying they are "more satisfied than ever before" with their credit unions.
The 87% score was the highest score reached in any of the ASCI's 47 industries that it surveys, and credit unions have consistently received high praise for their member service in this survey.
Credit Union National Association President/CEO Bill Cheney congratulated credit union boards, management and employees for the record-breaking survey results. "Given the enormous outpouring of consumer interest in credit unions over the past several weeks--and the apparent growing dissatisfaction among consumers with megabanks--it can be of little doubt that, the more consumers learn about credit unions, the more they see how credit unions can help them fulfill their financial needs and goals," he added.
The ASCI survey found that bank customer satisfaction stands at 75%, and that total decreased by 1.3% over the past year.
ACSI founder Claes Fornell noted that grassroots efforts like Bank Transfer Day, and recent consumer revolts over higher bank fees, are creating issues for banks. "While it is too early to quantify just how much business the big banks have lost to smaller competitors, the new ACSI data suggest credit unions and smaller banks now have become an even more attractive alternative for consumers," Fornell added.
Approval for the biggest banks was even lower, with 73% of Wells Fargo and Citigroup customers saying they were satisfied with the service at those institutions. A total of 70% of JPMorgan Chase customers said they were satisfied with that bank's service, and a mere 68% of Bank of America customers approved of that financial firm's customer service.