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Forrester study finds CUs are delivering online

CAMBRIDGE, Mass. - Credit unions are always pegged as more tech-savvy then other financials - rightfully so according to a new Forrester survey. Based on data culled from Forrester's annual survey of 100,000 North American consumers and 10,000 consumers surveyed online, credit unions rank No. 1 in online satisfaction and...

By Staff Writer | Updated on August 14, 2001

CAMBRIDGE, Mass. – Credit unions are always pegged as more tech-savvy then other financials – rightfully so according to a new Forrester survey. Based on data culled from Forrester’s annual survey of 100,000 North American consumers and 10,000 consumers surveyed online, credit unions rank No. 1 in online satisfaction and value, and No. 2 in loyalty, stability and ease-of-contact. Credit unions received the top overall score, beating out brokerage firms by four points (see chart). “Consumers are using credit unions for a number of reasons. They perceive them to be consumer advocates. They use them because they’re getting a fair share, a good deal; they’re not being cross-sold to death on products like they may be at a Bank of America or Wells Fargo site,” said Ron Shevlin, director of online financial services. Shevlin thinks credit unions should forget about the latest and greatest online services and stick to service and cultivating their existing online members. “Credit unions ought to be focusing on online development of members, not account aggregation or brokerage. They should be big in online advice. This is where the competition falls short,” said Shevlin.

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