JACKSONVILLE, Fla. (5/20/15)--In a global survey on the state of consumer feelings over their financial institutions, credit unions stood out for the superior personal service they offer their members.
Financial services and payment technology provider FIS released its first annual Consumer Banking PACE index this week, and found that only 23% of consumers worldwide are happy with their bank.
However, driven by quality service and the highest-rated in-person experience, credit unions scored the highest on the FIS index overall, posting a score of 91, compared with the 73 recorded by the top 50 global banks.
The credit union movement’s dedication to its member service could pay dividends down the road, according to FIS.
“New providers and non-traditional financial institutions continue to make inroads, particularly amongst younger generations, who studies show will soon make up the majority of bank revenues,” said Anthony Jabbour, FIS Integrated Financial Solutions corporate executive vice president. “With these challengers poised to grab consumers, financial institutions have the opportunity to lead with their strengths and re-define advisory services.”
Consumers value the relationship they have with their financial institution, Jabbour added, and financial institutions have a significant opportunity to be viewed as more than a vehicle for transactional convenience, but also as a “true focal point of consumers’ financial lives.”
The report also found that credit unions are more transparent, reliable and fair than banks when it comes to the fees they charge their members.
Banks, on the other hand, foster significant customer trust issues.