By Frank J. Diekmann
Why have credit unions fallen behind banks when it comes to consumer perceptions of service? That simple 15-word question belies just how BIG this question really is and it demands some big answers. CUToday.info has launched a series that aims to provide some.
As CUToday.info was first to report here, and as I addressed in an earlier column here, for the first time in its history the American Consumer Satisfaction Index conducted and measured by the University of Michigan found unions finished behind banks in a rating on consumer service.
Second. To banks! You’re excused if you had to enlarge the view in your browser to make sure you were seeing that right.
In that earlier column I offered a few views of my own for the reasons: the much-discussed but little understood “digital disruption”; the inflow of new “members” who don’t know they’re members from indirect loans; and name changes and mergers (you may be feeling good that operationally you merged systems without a hiccup, but that’s not what the member is noticing and, more importantly, feeling).
In the new CUToday.info series that launches here we have sought out other viewpoints on how credit unions have fallen behind on what has always been a key point of pride and differentiation and what might be done about it.
Some Early Views
The viewpoints collected by CUToday.info’s Ray Birch so far are diverse and insightful. Sam Kilmer of Cornerstone Advisors, for example, observed there is a “new standard of service. It’s not really how full-service you are, it's how quickly you can get something done, especially with everybody walking around with their phone in hand.”
Bill Handel of Raddon looked at the ACSI data and said he found a number of “really interesting” findings beyond just the topline numbers, including that scores for both banks and credit unions were down in every single service category but one.
In addition, to bring yet another perspective to the issue, CUToday.info will also be launching a series of articles by Anne Legg, who formerly headed up CUNA Mutual’s AdvantEdge Analytics solutions, where she will share her insights as well as some special resources just for readers of this publication.
What Do You Think?
Watch CUToday.info’s Feature section for ongoing updates in the series.
What do you think? As always, we also invite your input at anytime. Let us hear your thoughts by emailing Frank@CUToday.info.
Frank J. Diekmann is Cooperator in Chief at CUToday.info and can be reached at Frank@CUToday.info or @FrankCUToday.