Credit unions continue to lead banks in customer satisfaction with online banking, according to an annual study by a Michigan-based research firm and Forbes Media.
Credit unions as a category scored 84 on a scale of 100 in the Online Financial Services Study, compared with 82 for community banks and large banks alike, according to the research by ForeSee Results of Ann Arbor.
The firm uses the American Customer Satisfaction Index originated at the University of Michigan to analyze more than 45 million survey responses and identify improvements to websites and other online initiatives for a number of industries. Credit union members comprised 11% of banking institution respondents, ForeSee Results said.
"As has been the case in every year of this study (since 2003), credit unions provide their customers with the most satisfying experience, beating out all the other categories of bank types," the report said. "Not surprisingly, the general conservative approach to banking that credit unions use in their business model also produced the highest trust score at 87."
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