DES MOINES, Iowa (12/31/14)--Iowans sure love their credit unions.
In a statewide survey conducted by the Iowa Credit Union League (ICUL) recently, Iowa credit union members were asked if they love their credit union; if they enjoy being treated like a member-owner (and not just as customers); and if they ever recommend joining a credit union to others.
Of the 1,500 credit union members who were polled--among the 1 million-plus credit union members in the state--87.3% said they did, in fact, love their credit union.
Nearly 80% said being treated like more than a number, or treated like a member-owner, was what they valued most about their credit union.
Eighty-six percent said when choosing a financial institution, customer service was the most important quality to them, and 89% said they encourage family members to use a credit union for their financial needs.
"Credit unions continue to be recognized as trusted financial partners who place the needs of consumers first," said Murray Williams, ICUL chief operating officer. "Simply put, credit unions put people before profits and that has been the driving force of our growth and satisfaction numbers."
Added Williams: "Iowans want a member-owned alternative in the financial marketplace and are highly satisfied with the service their local credit unions provide them."
As the league pointed out, national surveys continue to confirm the growing popularity of credit unions.
The American Consumer Satisfaction Index, released in November, found that credit unions rank first in customer satisfaction among financial institutions, posting a score of 85. The average bank score was 76, marking the seventh consecutive year credit unions outperformed banks in this realm.
It also seems articles are released monthly, if not weekly, that argue why credit unions are better than banks in general. (See related story: Media sings CUs' praises throughout '14).
Despite this, Murray acknowledges that getting consumers to switch financial institutions can prove difficult.
But he says it should be easy for them.
"It can seem daunting to switch all your accounts to a new financial institution, but if you aren't a member, I encourage you to check out the credit union difference," he said.