New Consumer Study Shows Credit Unions Lead in Trust, Confidence, Loyalty (Misc News: October 1, 2010)
Results of a new statewide consumer survey show that almost twice as many credit union members have an outstanding relationship with their financial institution as compared to bank customers.
The MCUL study, the first ever commissioned by the league, also shows that 76 percent of credit union members are “absolutely confident” that their institution is the best place for their financial needs, while 31 percent of bank customers felt that way.
“Credit unions’ not-for-profit structure means that the institution is always working in the best interests of the members,” said David Adams, CEO of MCUL & Affiliates.
Here are some other highlights of the survey:
• Sixty-seven percent of credit union members believe their financial institution operates with their best interests in mind, compared to only 21 percent of bank customers.
• Only 31 percent of bank customers would “definitely” recommend their financial institution to a friend, family member or co-worker, compared to 64 percent of credit union members.
• Seven out of ten Michigan credit union members will “definitely not” switch their primary financial institution in the next year, while only three out of ten bank customers agree.
• Credit union members gave their financial institution more positive ratings than bank customers for quality of service, overall value, problem resolution, transparency, trust, appreciating their business, customer service, community involvement and doing what’s best for the customer.
“Consumers are looking for alternatives, seeing this as a good time to switch to a financial institution they trust,” Adams said. “Credit unions are dedicated to helping people lead more secure financial lives as well as being safe, secure, federally-insured institutions.”
The MCUL-commissioned study, was conducted online in August 2010 by Harris Interactive, a leading polling firm. The study included 828 Michigan residents, over the age of 18, 419 of whom are bank customers and 409 of whom are credit union members. A sampling error was not calculated.
Click here to read the full release. The MCUL will be sharing more details from the survey in all of its publications in the coming months and explaining how the information can be used to better market credit unions.