Rising from a gut punch: Reclaiming the top spot for credit unions in consumer satisfaction

On the heels of Thanksgiving, CUToday.info’s Frank Diekmann reported on a concerning trend. For the second year in a row, credit unions have been rated below banks for consumer satisfaction. Even more troubling, credit unions reached an historic low in the American Consumer Satisfaction Index (ACSI) survey.

I want to thank Frank for his column, which I think also indicates the commitment of our movement to search for answers and the passion we all share for reversing this trend. Truly, this news feels like a gut punch. Credit unions are doing so much on behalf of their members – perhaps never have they been more integral and essential to the financial wellbeing of their communities than in this extraordinary year.

How do we solve this genuine problem? I think the most basic lesson of the ACSI survey is this – credit unions, listen to your members. They are telling us everything we need to know. The traditional credit union strengths of low rates and people helping people philosophy may not be enough. To earn primary financial relationships with more members, credit unions must prove their worth in more everyday ways.

At CO-OP, we believe the way to deliver more value to your members is by meeting them where they are in their everyday habits. The way to do that is through payments. In a study commissioned by CO-OP and conducted by Filene Research Institute, it was found that 90 percent of credit union members prefer to obtain the majority of their financial services from their primary payments provider. In other words, payments are not just a source of non-interchange revenue; they are the pathway to building deeper relationships with your members, broader usage of your solutions and ultimately creates a more balanced P&L across interest and non-interest income. Every time your member pulls out their card or digital wallet, sends money to a friend or checks their spending activity, you want them to be doing that through your services and solutions.

 

continue reading »