Credit unions are far better than banks at serving their members’ feelings of well-being, according to a recent study from Gallup. According to the research, credit unions appear to be at their best far more often than banks, and the research shows meaningful differences between customers and members regarding perceptions of the financial wellbeing support their institutions offer.

“Credit unions have built strong member relationships by using a personal approach, thoughtful products and member-centric service models to help members manage their finances -- and 46% of members strongly agree their credit union does,” the report reads. “The credit union business model and member-centric ethic also enhance members' belief that the credit union has its members' best interests at heart. This all adds up to help credit unions create better perceptions of financial wellbeing support among their customers.

“The feeling credit union members enjoy -- of being cared for and looked after by trusted advisers -- is real. It's not marketing,” it adds.

The gap in perspective is most evident when looking at which statements consumers agree with about the priorities of their institution:

• For “Looks out for my financial well-being,” credit unions scored 25.5%, while banks received only 14.5%;
• For “Understands my financial situation,” 24.6% of respondents said this applied to their credit union, while 15.1% said it applied to their bank;
• For “Has my best interests at heart,” credit unions scored 27.1%, while banks only 14.2%; and
• For “Puts my financial interests above that of the bank,” credit unions scored 18.4% compared with banks’ 8.6%.