Credit union customer satisfaction plummeted in 2021

Credit union members’ satisfaction with their credit union (CU) has seen a noticeable decline.

The change has not been excessive, but the relative measures of customer satisfaction between UCs and the financial institutions (FIs) and digital and online banks they compete with have changed, according to the latest Credit Union report. Innovation, a PYMNTS and PSCU collaboration that surveyed 4,832 US consumers, 101 credit unions and 51 FinTechs.

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Between 2020 and 2021, the share of customers satisfied with their UC increased from 88.4% to 86.5% while the share of customers satisfied with their digital and online bank increased from 82.8% to 84.8 %.

Some of the factors that have led to a drop in CU’s member satisfaction rate are related to online and mobile banking offers.

UC members in 2021 were less likely than the previous year to say that their UC’s online banking capabilities are convenient or easy to use, that the UC is easy to manage, that they don’t have to visit a physical branch to complete most transactions, that transactions are completed in a timely manner, that mobile banking capabilities are convenient or easy to use, that the UC innovates regularly, or that the bill payment service is easy to use.

table 1B

At the same time, other factors still work to CUs’ advantage. UC members are more likely than non-UC members to say the most important reason they are happy with their primary FI is data security, cheaper fees, or that they do trust in the FI.

CUs maintain significant strength based on the trust placed in them by their members. Trust is the top reason members are happy with their UC, with 39% saying so in 2021. In comparison, only 22% of non-UC members rate trust as the top reason for which they are satisfied with their main FI.

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