Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CU Websites Outshine Banks' On Providing Info
LAKE BLUFF, Ill. (8/22/13)--Credit unions outshine banks in providing the information consumers seek on their websites, according to a new study. However, financial institutions in general can make better use of their sites as a tool for compliance, resource use and new business.

The survey of the websites of 1,676 credit unions, banks and thrifts with more than $500 million in assets was conducted in June by Lake Bluff, Ill.-based Moebs $ervices. It found that in their quest to implement the Dodd-Frank Act properly, financial institutions either overlooked or underused their website as a key tool.

Of the institutions studied, 32% offered the information consumers sought on their websites, and 83.7% of the websites provided answers that were consistent with those given through their call centers, said the firm.

Roughly 40% of credit unions provided the data that website visitors sought, according to the study. That compares with 33% of thrifts and 28% of banks surveyed.  Credit unions beat thrifts on providing consistent data, with 83.9% of credit unions doing so, compared with 83.5% of thrifts and 84.3% of banks.  Larger institutions in the study provided more data and more consistent data.

Moebs $ervices noted two key findings: Websites are underused as a source of information for member/customers, and procedures to ensure consistent information, regardless of channel, need to be in place to reduce pressure on call center and branch staff to provide data a consumer seeks.

The results point out an opportunity for financial institutions, said Michael Moebs, economist and CEO of the firm. "Websites can be enhanced to provide more data and more consistent information for consumers, which can: reduce compliance risk, promote greater efficiency of call center and branch personnel, and foster more sales," he said.
RSS print
News Now LiveWire
If you got a tax refund, put some aside, #VisionsFCU financial specialist tells @WBNGActionNews http://t.co/TuHsbeNdzb
10 hours ago
.@CUNA staff bring back "Pressing Issues" quarterly conference calls http://t.co/7XQMpcIqD1 #CUNAComply
12 hours ago
Wis. @GovScottWalker signs #creditunion regulatory relief act, @WICULeague announces http://t.co/ELcxB0Xm71
13 hours ago
.@ChartwayFCU making kids' wishes come true at Toby's Dream Foundation. See #NewsNow Thursday.
13 hours ago
Heartbleed security threat is no match for @CUNA IT team http://t.co/YUxETsfoWh
14 hours ago