Online and Mobile Banking Ranked as the Most Important Lever in Credit Union Member Satisfaction, Reports CFI Group

Credit unions are responding to members' desire for convenience and their need to conduct transactions on demand

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Aug 19, 2014, 10:00 ET

ANN ARBOR, Mich., Aug. 19, 2014 /PRNewswire/ -- CFI Group released the findings of the firm's second installment of its Credit Union Satisfaction Index, finding that online and mobile banking is more important than any other aspect of the member experience. While overall satisfaction dropped slightly this year to 86 on the 0-100 point scale, online and mobile banking is leading the way in ensuring the still-strong satisfaction of credit union members.

As the number one satisfaction driver identified by the report findings, scoring a 90, online and mobile also are becoming preferred account access channels for credit union members spanning age groups. The survey shows that 89 percent of respondents aged 18-49 do at least half of their online banking remotely compared to 80 percent of those aged 50 and older.

"As our lives are becoming increasingly technology-centric, it is only natural for members to desire access to their accounts remotely," says Terry Redding, vice president of sales and marketing at CFI Group. "Even though the vast majority of members are using online and mobile banking, members still want the convenience of a nearby branch, exceptional service and the ability to access their accounts in-person if they choose to do so."

While mobile and online banking play a crucial part in member satisfaction, branches remain key to customer acquisition. The convenience of a branch's location is one of the top member considerations when joining a credit union, even though visits to the actual branch are declining. Only 31 percent of credit union members actually go into a branch more than once a month, while nearly 32 percent say they use the branch less frequently than three years ago.

Though overall satisfaction dipped slightly this year, credit union members are still highly satisfied with the service they are receiving as well as the way their credit union is communicating with them.

Product and service offerings, along with information and communications credit unions are providing their members is becoming more critical than ever before. This is due to the growing confidence of member's ability to invest and borrow. Of those surveyed, 30 percent of credit union members indicated they plan to add more products and services through their credit union in the coming year, while auto loans are the most frequently mentioned product or service members plan to add in the near future.

To maintain momentum and satisfaction within credit unions, additional considerations include:

The right balance of services: Take into consideration the amount of products and service offerings, ATMs, branch locations and access to online and mobile banking. Credit union members want it all.
Credit Union's lower rates and fee's stand out compared to banks: While improving loan and deposit rates will not necessarily drive credit union member satisfaction, the survey reports a score of 82 in the rates and fees category, while banks scored a 73. This is a clear advantage credit unions have over banks and should leverage as a differentiator.
It's all about convenience: Branch staff and branch convenience together accounted for nearly half of the overall leverage on satisfaction. Branch staff also plays a valuable role with a score of 92, reflecting members' ongoing delight with the way they are treated during a branch visit.

To obtain a copy of the Credit Union Satisfaction Index 2014 and to learn more on what members are looking for in their experience from their credit union, visit http://www.cfigroup.com.

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, Mich., CFI Group serves global clients from a network of offices worldwide. Clients span a variety of industries, including financial services, hospitality, manufacturing, telecom, retail and government.

SOURCE CFI Group