Credit unions, building societies grow customer satisfaction
31 May 2007
Credit unions and building societies continue to shine in customer satisfaction, according to new market research released this week.
In the latest Roy Morgan customer satisfaction poll, credit union members reported an average satisfaction rating of 87.6% (up 1.1% in the twelve months to April 2007) and building societies of 88.8% (up by 2.3% in the year to April 2007).
Credit unions and building societies continue to outperform the major banks, who recorded an average customer satisfaction rating of 69.4%, according to the Roy Morgan results.
“We’re delighted that our industry continues to shine in it’s commitment to customer service,” said Adrian Lovney, Chief Executive of Abacus, the industry body for Australian credit unions and mutual building societies.
“It’s no surprise that mutual banking institutions – owned by their customers, and focused 100% on their members’ needs – can report such high customer satisfaction levels, said Mr Lovney.
"Credit unions and mutual building societies are about members, communities and service – and we are very proud of our record in meeting our members’ needs.”
“The different kind of banking we offer is about putting members first, focusing on our communities, and fair and competitive services,” said Mr Lovney. “More than four and a half million Australians enjoy these high service standards as members of credit unions and mutual building societies.”
For those consumers who have their main financial institution relationship with their credit union or building society, satisfaction results are even higher – 90.7% for building societies and 89.9% for credit unions. This compares with an MFI satisfaction rating of 71.5% for the major banks.
Abacus represents 150 credit unions and mutual building societies across Australia. Credit unions and building societies offer a full range of retail banking services, and collectively have assets of over $60 billion.
For more information:
Louise Petschler
Head of Public Affairs
Abacus – Australian Mutuals
(02) 8299 9046; (0408) 239 226;
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Figures from Roy Morgan Research Consumer Banking in Australia (April 2007)
