Survey By New England Company: CUs Continue To Receive Much Higher Scores Than Banks From Consumers


Wednesday, August 14, 2013

The Temkin Ratings company, which is based in Waban, Massachusetts, recently completed its annual Temkin Ratings Survey of consumers.  This time, credit unions are the only financial institutions that made it into the Top 20 of all five consumer feedback categories.  The survey, which was conducted nationally, included Maine consumers.

According to the survey, which asks consumers to rate their experiences with more than 100 companies and groups, credit unions did well in the areas of experience, loyalty, forgiveness, trust, customer service and Web experience.
For service, credit unions received a rating of 71%, the highest score, compared to the closest bank at 64%.  In the trust category, credit unions tied for the number three spot on the list with a 77% rating, more than 20 percentage points higher than the highest bank.  In the experience category, credit unions scored an impressive 79%, much higher than banks.  Finally, when it comes to loyalty, credit unions again far-outpaced banks in the survey. 
Earlier this year, credit unions took first place in the industry for the second straight year in a customer experience survey by Temkin Group. Their rating was 79%, compared with the banking sector's average score of 68.6%.

"These findings reinforce similar surveys that have been conducted just within the state of Maine, which have consistently found consumers satisfaction, likelihood to refer others and loyalty with credit unions to be significantly higher than all other financial institutions.  Credit unions are member-owned, financial cooperatives and consumers clearly appreciate the focus that credit unions put on serving their members instead of profits for stockholders and large depositors," remarked John Murphy, President of the Maine Credit Union League.