WASHINGTON (5/28/15)--Financial institutions that make a commitment to the financial health of their customers or members are likely to earn more trust and business in return, a recent study from Gallup has found.
Of those customers who strongly believe their financial institutions care about their financial well-being, 84% of them are “fully engaged,” the Gallup Retail and Banking Industry study found, while none say they are actively disengaged.
Further, when a financial institution takes proactive steps to help its members and customers boost their financial health, customer confidence in the financial institution surges, the study, which polled 11,000 U.S. adults, found.
Recent CUNA research also has revealed that the more engaged members are with their credit union, the most likely they are to advocate on the credit union’s behalf.
Based on a poll of credit unions participating in CUNA’s Member Activation Program (MAP), the trade association found that 78% of members responded positively when contacted for advocacy efforts.
Additionally, 82% of those who received advocacy outreach from their credit unions wanted to do more business with their credit union.
If consumers are searching for a financial institution that looks out for their financial interests, meanwhile, they shouldn’t look any further than a credit union. National surveys repeatedly find that credit unions excel in customer satisfaction and service.
Earlier this week, a Temkin survey that polled roughly 10,000 consumers found that credit unions were the most trusted organization across all businesses and organizations in the United States, while offering the third-best customer service.
Last year, the American Customer Satisfaction Index ranked credit unions higher than any other financial institution in terms of customer satisfaction.