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Michigan Credit Union League Home » Information Services » Publications » News Articles  

Survey: CU Satisfaction Hits All-Time High   (Misc News: December 14, 2011)

A Michigan-based research group says customer satisfaction with credit unions in 2011 breaks all previous records.

According to the report released by the American Customer Satisfaction Index, the credit union industry’s satisfaction jumped to a score of 87 out of 100 –  the highest ever reached by any of the 47 industries in the study.

Customer satisfaction with big banks dropped 1.3 percent from last year, to a score of 75.

Among big banks, Citibank and Wells Fargo had the highest ratings at 73, while Bank of America was ranked lowest for customer satisfaction at 68. Small banks fared better, but still lagged behind credit unions, with an average score of 79.

“Banks are facing difficult times on multiple fronts: Profits are being squeezed, regulators are more demanding, foreclosures remain problematic and consumers are fighting back on fees. On top of all this, many banks are losing customers, including defections prompted by grassroots efforts like the recent Bank Transfer Day,” said Claes Fornell, ACSI founder “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.”

ACSI was founded at the University of Michigan’s Ross School of Business and is now produced by ACSI of Ann Arbor.

The index is meant to be a national economic indicator of customer evaluations of the quality of products and services available to household consumers. Data is compiled through interviews with approximately 70,000 customers to measure satisfaction with more than 225 companies in 47 industries.

To see the complete list of ACSI rankings, click here.

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