Australian CUs beat banks on customer satisfaction

SYDNEY, Australia – Credit unions down under can crow as they read about a new study on financial service customer satisfaction. Not only are they highly rated, they are winning the battle. The research is done periodically by a group called Eureka. They report that only one in four customers of banks are satisfied. This is a 41% decrease from the 1996 study they did. Australia has four major banks. CUSCAL CEO Steve Laue proudly pointed out that eight out 10 credit union members considered their credit union to be either excellent or good. “This is the highest level for all financial institutions and demonstrates that credit unions deliver on their commitment to provide high quality, personal service to members. “Compare our performance to that of the big four banks, where less than three in 10 bank customers rate their organization as excellent or very good, and it becomes apparent how well connected credit unions are to their members. It is not surprising then that 75% of credit union members recommend their financial institution to others,” Laue added. The study also showed that more women belonged to credit unions and that credit union members were less apt to change their financial institutions. Laue advanced the theory that “the growing popularity of credit unions is due to credit unions treating their members with dignity and respect.” CUSCAL was instrumental in helping people in the Australian bush find new financial services when banks withdrew. Laue reminded people that “Credit unions have avoided the brutal cost cutting programs that have seen banks slash branches, jobs and service standards.”