Are Credit Unions Providing High-Quality Member Service?
Each year, TimeTrade conducts a survey of credit union members to take their pulse on issues related to the quality of service they receive when they visit a branch. The findings consistently show that credit union members still like to conduct their financial transactions at the branch, even with the increasing availability of online banking options.
And when they do take the time to go to a branch, they expect to receive exceptional service. Fortunately for the credit union industry, the survey respondents say they are receiving the high level of service they anticipate. More than 80 percent of members ranked their credit union a 4 or 5 on a scale of 5 for the quality of service they receive.
In general, the survey results show credit union members are more positive toward their institution than banking customers are, based on the results of the bank customer survey we conducted earlier this year. For example, on the question of quality of service, 45 percent of credit union members gave a rating of 5, compared to only 33 percent of bank customers.
Here are some other highlights of the credit union survey results:
- Nearly three-fourths of respondents visit a credit union branch five times a year or more.
- Member service is the top-rated factor when it comes to choosing which credit union to use.
- Almost 80 percent of members feel they have a personalized experience when they visit their credit union.
- While deposits and withdrawals are the reason for the vast majority of branch visits, 13 percent of respondents say they go to a credit union for notary public services.
- Long lines at teller windows, inconvenient hours, and long waits for other services (loans, mortgages, etc.) are members’ top dislikes about branch visits.
- More than 60 percent of members say they wait at least five minutes for service when they visit a branch—that includes 13 percent of respondents who say they wait more than 10 minutes.
- To reduce the wait, 62 percent of members would be happy to schedule an appointment to meet with the right person at a convenient time at the branch.
For the full results of the survey, download the free report.