Do banks and credit unions price their loans similarly, or are there significant differences among financial institutions? Dr. William...
Jul 21 2014
The Consumer Experience: Financial Institution Preference and Usage Factors
Today's consumers confront a variety of banking options. Factors like personal trust, household income, and convenience all weigh, in different ways, on consumers' preferences between and among banks and credit unions. This report analyzes consumer survey data to better understand these usage factors and allows productive comparisons between institutions. The data provide intriguing possbilities for credit unions. For instance, among credit union respondents 85% feel their assets are completely safe at their credit union, while only 68% of banking consumers feel the same about their institution. However, large banks tend to do better at driving customer interactions with their websites.
Credit unions should reference these insights and benchmarks from this report when exploring opportunities to improve overall member service and satisfaction.
Report Number 334