CUs have best reputation of any sector--surveyDENVER (5/14/12)--Credit unions were rated No. 1 in a new survey in which 5,000 consumers were asked to rate the reputation of 34 business sectors.
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Excluding sectors unfamiliar to them, consumers gave more than 23,000 ratings.
Credit unions topped all business sectors in reputation with an average reputation score of 5.78, followed by grocery stores (5.50), and community banks (5.40). Regional banks came in seventh at 5.04 and national banks 18th at 4.15. Financial advisers were ranked 14th. Consumers gave the banking industry an average score of 3.98, ranking 24th. Overall, the financial services industry ranked 21st.
The bottom five sectors were the mortgage industry, 3.35; the federal government, 3.30; oil and gas industry, 3.26; Wall Street firms, 3.09; and the tobacco industry, 2.71.
Credit unions have consistently rated strong on customer satisfaction indices.
In 2011, credit unions set an all-time American Customer Satisfaction Index (ACSI) record, with 87% of credit union members surveyed saying they are "more satisfied than ever before" with their credit unions. The 87% score was the highest score reached in any of the ASCI's 47 industries that it surveys (News Now Dec 14, 2011).
A survey of 10,000 U.S. consumers about their loyalty to 206 large companies across 18 industries showed only seven companies have "very strong" loyalty ratings. Credit unions ranked No. 5, just behind Sam's Club, Aldi, USAA, and Publix and ahead of Amazon.com, and H.E.B. (News Now March 21). The survey was released earlier this year by the Temkin Group.
The 2011 Northeast U.S. Bank & Credit Union Customer Experience Survey, also conducted by Prime Performance, rated credit unions as the overall leader with a Prime Experience Index (PXI) of 79%, well ahead of the overall bank average of 59% (News Now Jan. 5).