CFI Group Releases Findings from Inaugural Credit Union Customer Satisfaction Index

Survey finds that credit unions score consistently higher in key satisfaction drivers than retail banks

News provided by

Jun 04, 2013, 10:00 ET

ANN ARBOR, Mich., June 4, 2013 /PRNewswire/ -- CFI Group, a customer satisfaction technology and analytics firm, released the findings of the firm's inaugural credit union industry study, the 2013 Credit Union Satisfaction Index (CUSI). The study includes industry-focused insights and is powered by the American Customer Satisfaction Index (ACSI) methodology, a patented scientific approach to customer satisfaction measurement.

The CUSI research rates six drivers of satisfaction on a 0-100 point scale according to responses from 400 active credit union members from across the U.S. Credit unions score consistently high across the board with drivers scoring in excess of 80 points. This data is consistent with CFI Group's own customer work in the credit union industry. In fact, credit unions score significantly higher than other industries, including retail banking.

Of the six drivers of satisfaction measured, the 2013 CUSI found that four play a significant role in driving member satisfaction and, therefore, should be a focus area for the industry. The drivers most likely to impact customer satisfaction are "Online banking," "Branch staff," "Branch convenience," and "Information/communications."

Since 2007, the credit union industry has seen membership grow by slightly more than five percent and assets under management grow by roughly 33 percent over this same period. This growth has come primarily at the expense of for-profit banks.

"The credit union industry has shown strong growth since the financial crisis of 2007, and the CUSI is an important tool for benchmarking and tracking its competitive differentiators," said CFI Group CEO Sheri Petras. "CFI Group is proud to have worked so closely with the industry to apply the proven ACSI methodology to evaluate current customer satisfaction, and how that satisfaction level will impact the ongoing success of its financial institutions."

The unique cause-and-effect methodology of the ACSI gauges satisfaction relative to specific elements of the customer experience that influence overall satisfaction and future success. The ACSI has proven to be an indicator of economic performance, both for individual firms and for the macro economy. As such, the national ACSI score has been shown to be predictive of both consumer spending and stock market growth, among other leading indicators of economic growth.

For additional details regarding CFI Group's credit union customer satisfaction survey methodology and findings, please download the firm's new "Credit Union Satisfaction Index 2013" whitepaper.

About CFI Group (www.cfigroup.com)

CFI Group is a global leader in providing customer feedback insights through analytics. CFI Group provides a technology platform that leverages the science of the American Customer Satisfaction Index (ACSI). This platform continuously measures the customer experience across multiple channels, benchmarks performance, and prioritizes improvements for maximum impact.

Founded in 1988 and headquartered in Ann Arbor, Michigan, CFI Group serves global clients from a network of offices worldwide. Our clients span a variety of industries, including financial services, hospitality, manufacturing, telecom, retail and government. Regardless of your industry, we can put the power of our technology and the science of the ACSI methodology to work for you.

SOURCE CFI Group