The recently released Claes Fornell International (CFI) Group’s Credit Union Satisfaction Index (CUSI) revealed an 86 measured on a 0-100 scale.
CUSI is calculated based on feedback from a panel of 497 respondents who have a current financial relationship with a credit union. Credit union satisfaction historically has run several points higher than the bank satisfaction barometer.
The report also maintains members who experience a problem with their credit union are significantly less satisfied than those who do not and those with a problem within the last 60 days are less satisfied with the credit union experience and are less likely to remain a member.
“It’s really about resolving member problems,” Sheri Petras, CEO of CFI Group, said. “Of course, you’d like to eliminate member issues completely, but that’s not realistic; there will always be some members who experience issues. And we have found that a third of those members never report the problem to the credit union.”
Petras said the credit unions challenges are to run member feedback mechanisms that capture unreported problems while developing the processes needed to deliver rapid and effective problem resolution for members.
Officials said, in order to thrive in 2019, credit unions will need to compete beyond just rates and fees by providing an exceptional member experience.