CUs Lose Ground to Banks in Customer Service Posted by Association of Vermont Credit Unions on 11:25 AM

As reported by Clark.com, banks are now ranked by consumers as equal to credit unions in terms of customer service, a domain formerly held solely by credit unions. That’s according to the Finance and Insurance Report 2018 from the American Customer Satisfaction Index (ACSI)!  The report is based on interviews with more than 25,000 customers conducted between October 2017 and September 2018.

What’s behind the decline in satisfaction with credit unions? The latest ACSI tally reveals a stunning trend that’s taken shape over the past 12 months. Credit union customer satisfaction has dropped 1.2% year-over-year. Meanwhile, customer satisfaction of banking customers has held steady during the same period. That has leveled the playing field between banks and credit unions. Looking at the banking sector as a whole, both banks and credit unions now score an 81 out of a possible 100 points in customer satisfaction.

A big part of the decline that’s besieged the credit unions is being blamed on an emerging digital gap.  “Digital is everything right now,” according to David VanAmburg, Managing Director at the ACSI. “With the boom in mobile banking apps, customers don’t even have to go into branches. Depositing checks or applying for a loan through an app is more appealing than the charm of the old-school, small-town customer service offered by credit unions.”

Topping the list of banks favored by consumers are three heavy hitters not typically equated with great customer service: Capital One, SunTrust and Chase. Trailing not too far behind is Citibank.