Banks Outpace Credit Unions in Consumer Satisfaction

For the first time in the history of the American Customer Satisfaction Index survey, customer satisfaction with banks exceeded satisfaction with credit unions, according to ASCI. After being tied last year, customers gave banks a satisfaction score of 80 out of 100, while credit union customers rated their satisfaction at 79 out of 100, a 2.5-point dip from 2018. Banks outpaced the financial sector average of 77.8, scoring higher than financial advisers and property and casualty insurers.

Bank customers gave the highest ratings to staff helpfulness (87), mobile app quality, speed of in-branch transactions and bank websites (85 each). They were least satisfied with the number and location of both ATMs (73) and branches (71). Banks tied or outpaced credit unions on every individual element of the satisfaction rating.

“While the bank industry overall dips 1.2% to an ACSI score of 80, [nationwide]banks are on the move, up 1.3% to 78,” ACSI said. “This closes the gap to the more highly satisfying regional and community banks group (-1.2% to 83) and is good enough to tie with super region.”