Banks Can't Get No...Satisfaction!

Pardon my lame attempt at writing a singsongy blog title. I was going for this:

Recent studies show that customer service satisfaction for banks has taken a dip, while credit unions have surged ahead.

Credit union satisfaction scores jumped 7 points to 87 out of 100, the highest ever reached by any of the 47 industries tracked by the index in the past 17 years. Over this past year alone, credit unions tripled their lead over banks, a category where overall satisfaction fell 1 point to a score of 75.

Analysts say that the key to credit unions' success is great customer service and personalized bank strategies and solutions.

But what of banks? I'm sure there were a few reasons why their scores went down.

This reaffirms the most basic tenets of the credit union model - and shows that what people really value is a financial institution that listens to what they want and respond.

However, there was one troubing point from the study:

Bank of America customers are the youngest, with an average age of 41.2 years (excluding minors). Small banks serve the oldest customer base, with an average age of 47.1 years.

While that differnce may seem small on paper, the reality is that credit unions need to continue to make an efforet to connect with the next generation.

What do you think? Does this survey seem to reflect people's general attitudes about banks and credit unions? Let us know in the comments!


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