9 Aug – High Customer Satisfaction Levels
Date: 9/08/2023
Description:
Research shows that customers who bank with a credit union or building society are more likely to be satisfied with their financial institution than those who are customers of the major banks.
In a recent Abacus report, Roy Morgan Research has shown that customers who bank with Credit Unions recorded a satisfaction score of 86.3%, compared with customers of banks at 75.3%. Customers of major banks recorded the lowest satisfaction levels at 73.3%.
The results are an indication that the credit union philosophy of putting members before profits is ringing true for members. Credit Unions and Building Societies continue to move from strength to strength, and as a group they are the fifth-largest deposit-taking force after the Commonwealth Bank, Westpac, ANZ, NAB and Suncorp.
Abacus also reports that 1 in 5 people in Australia are enjoying the benefits of banking with a credit union or building society – more than 4.5 million Australians are now members.
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