ALEXANDRIA, Va.–Why have credit unions fallen behind banks when it comes to consumer “satisfaction” in a national survey for the third year in a row?
One NCUA board member has weighed in with some thoughts.
Citing news first reported by CUToday.info that the American Customer Satisfaction Index has revealed an unfortunate trend over consumer satisfaction with credit unions and banks, NCUA Board Member Rodney Hood said he believes technology is a big reason, and he wants to see changes.
“What’s changed in the last three years?” asked Hood during the agency’s November board meeting. “As I previously have mentioned, more and more credit union members are making their phones the primary place they bank. And up until now, banks’ mobile applications and internet banking offerings have generally been more robust than credit unions when considering technology in the aggregate. While I generally don’t tell credit unions how to run their day-to-day business affairs, I hope that credit unions can gather around the movement’s cooperative spirit and credit union service organizations in particular to enhance credit unions mobile applications and digital banking offerings on their own accord in the days ahead.”
Hood made similar comments a week earlier during the National Association of CUSOs (NACUSO) Network Conference in Las Vegas. CUToday.info has coverage here.
“And one day in the future, it is my great hope this board can allow for mobile applications and digital delivery systems to meet service facility requirements,” said Hood. “If we have learned anything since the onset of the COVID-19 pandemic, members are using mobile and internet banking at a higher rate than branches. In my view, the regulator must respond to changes in technology just like credit unions are having to do.”