Study: CUs beat banks on trust--again
MADISON, Wis. (9/8/10)--Banks could take a lesson from credit unions on building relationships, according to a recent Mintel Comperemedia report.
About 36% of big bank customers trust their bank, compared to 57% of credit union members, the report said. Ten percent of participants in the survey also switched their primary accounts to credit unions from banks in the past year (Marketing Weekly News Sept. 11).
Roughly 60% of respondents said trust in a brand is more important than price. Consumers said trust in financial brands is similar to trust in personal relationships, with "honesty" and "respect" at the top of their list of 12 attributes.
Consumers would feel less resentful about paying fees if larger banks made a greater effort to do more relationship marketing with their customers, Mintel said.
Such good results from consumer satisfaction surveys are not rare. For instance, just last month credit unions were at the top of a recent poll by the Chicago Booth/Kellogg School Financial Trust Index. About 62% of consumers said they trust credit unions, compared with 57% for local banks, 35% for national banks and 27% for banks in which the government has a stake (News Now Aug. 6).
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