Customer Satisfaction With Credit Unions Slid 2% in 2021

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

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

Get the report: Credit Union Innovation

Between 2020 and 2021, the share of customers who are satisfied with their CU slid from 88.4% to 86.5% while the share of customers who are satisfied with their digital and online bank rose from 82.8% to 84.8%.

Some of the factors that have led to a decline in the satisfaction rate among CU members are related to online and mobile banking offerings.

CU members in 2021 were less likely than they were the year before to say that their CUs’ online banking capabilities are convenient or easy to use, that the CU is easy to deal with, that they do not have to visit a physical branch to complete most transactions, that transactions are completed in a timely manner, that the mobile banking capabilities are convenient or easy to use, that the CU regularly innovates or that the bill pay service is easy to use.

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

CUs retain a significant strength based on their members’ trust in them. Trust is the primary reason members are satisfied with their CUs, with 39% saying so in 2021. By comparison, just 22% of non-CU member rate trust as the most important reason they are satisfied with their primary FI.