Lansing, Mich., Sept. 29, 2010 – The Michigan Credit Union League today announced the results of its first statewide consumer study, showing that, relative to bank customers, almost twice as many credit union members have an outstanding relationship with their financial institution. The MCUL-commissioned study, conducted online in August 2010 by Harris Interactive, also showed 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 the same way.
“Credit unions’ not-for-profit structure means that the institution is always working in the best interests of the members,” says David Adams, president and CEO of the Michigan Credit Union League & Affiliates. “This study shows that bank customers are moving their money to credit unions, including 15,000 people in Michigan through the first half of 2010, because of higher savings rates and lower loan rates and fees.”
Harris Interactive found clear differences between Michigan banks and credit unions in customers’ satisfaction, loyalty and willingness to recommend the institution:
- 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,” says Adams. “Credit unions are dedicated to helping people lead more secure financial lives as well as being safe, secure, federally-insured institutions.”
The 2010 MCUL Consumer Study was conducted online within Michigan by Harris Interactive between August 20, 2010 and August 30, 2010. The study included 828 Michigan residents age 18+, 419 of whom are bank customers and 409 of whom are credit union members. No estimates of theoretical sampling error can be calculated; a full methodology is available.
Organized in 1934, the Michigan Credit Union League is a trade association representing 311 credit unions statewide. Based in Lansing, the MCUL offers credit unions assistance in the areas of regulatory compliance, legislative advocacy, media advocacy and operational information. For more information, visit www.mcul.org and follow us on Twitter at www.twitter.com/MICreditUnions.
Harris Interactive is one of the world's leading custom market research firms, leveraging research, technology, and business acumen to transform relevant insight into actionable foresight. Known widely for the Harris Poll and for pioneering innovative research methodologies, Harris offers expertise in a wide range of industries including healthcare, technology, public affairs, energy, telecommunications, financial services, insurance, media, retail, restaurant, and consumer package goods. Serving clients in over 215 countries and territories through our North American, European, and Asian offices and a network of independent market research firms, Harris specializes in delivering research solutions that help us - and our clients - stay ahead of what's next. For more information, please visit www.harrisinteractive.com.