National Study: Credit Unions Trail Banks in Customer Satisfaction

Credit unions fell behind banks in terms of customer satisfaction, according to the 2021 American Consumer Satisfaction Index released this week. Banks earned a satisfaction score of 78 on a 100-point scale, while credit unions earned a score of 76—down 1.3% from a year prior and reaching a historic low. Customers were least satisfied with credit unions’ number and location of ATMs, number and location of branches and the competitiveness of interest rates.

Among banks, regional and community institutions notched the highest satisfaction score of 80, while national banks earned a score of 76 and super-regional banks earned a score of 75. Chase was the highest-rated national bank, while Capital One was the highest rated super-regional institution.

Customers gave banks high marks for the quality of their mobile apps (84), courtesy and helpfulness of tellers or staff (83), reliability of their mobile apps (83) and website satisfaction (83). Compared to other industries, banks ranked just ahead of financial advisers, household appliances and life insurance, and just behind personal computers and automobiles and light vehicles.