Credit unions rate high for trust, loyalty, web experience, reputation and more
When asked about satisfaction and trust, consumers continue to rate credit unions extremely well - a sign that, especially during challenging economic times, businesses can succeed when they prioritize their customers' well-being. For example, the member-owned financial institutions:
- 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 47 industries that ASCI surveys.
- Topped a list of companies with "very strong" loyalty ratings. Credit unions perched solidly at
No. 5 - outranking even Amazon.com - as part of a Temkin Group survey that asked 10,000 U.S. consumers about their loyalty to 206 large companies across 18 industries.
- Achieved stellar marks for "web experience"- ranking second only to Amazon.com - as part of a Temkin Group survey that examined how 10,000 U.S. consumers rate their online experiences with 159 large companies across 18 industries.
- Outranked all business sectors in reputation, rating No. 1 in a Prime Performance survey in which 5,000 consumers rated 34 business sectors including grocers, department stores, airlines, tech firms, and others.
- Led U.S. financial institutions for "customer experience." Credit unions ranked 20 percentage points ahead of the overall bank average in a Prime Performance survey that asked consumers how well their needs were met, whether it was easy to get what they want and how they felt as part of their interaction.
- Outshone the overall financial industry for consumer trust. A solid 63% of consumers polled as part of the Kellogg Trust Index said they trust doing business with credit unions while only 21% of those polled say they trust the financial system overall.
Credit unions are cooperatives owned by members, where every depositor's vote is equal to every other's, regardless of how much they have on deposit. This ensures that practices and policies favor members, and that the services members need are available even if they don't drive the bottom line - an effort credit unions call REAL Solutions. The effort teaches consumers to save, avoid financial predators, access low-cost loans, improve creditworthiness, and build wealth.
Find more information online!
Click here for more resources from The League
Click here to view videos of credit union members explaining our REAL Solutions initiative
View our Scorecard, which details how credit unions deliver value to their members