Credit unions and building societies top Customer Satisfaction
29 May 2009
Credit unions and mutual building societies continue to top the customer satisfaction stakes for banking institutions, according to Roy Morgan’s April Banking Satisfaction Survey.[1]
While the gap between the smaller banks and big banks has diminished, with overall satisfaction declining for many smaller banks, credit unions and building societies continue to record market-leading customer satisfaction. For the percentage of each institution’s customers who said they were satisfied, building societies rated 87.3% and credit unions at 86.5%. For the big four banks, this figure is 71.4%.
“Credit unions and building societies deliver real value to their members,” said Louise Petschler, CEO of Abacus, the industry body.
Customer satisfaction for mutual building societies and credit unions is ahead of all banks - major, regional or foreign - and far ahead of the major banks.
“What is striking about this performance is that customer satisfaction with mutuals has continued to grow during the worst financial crisis since the Great Depression,” said Ms Petschler.
“Being member-owned, credit unions and mutual building societies exist only to look after their members, not to maximise profits for external shareholders. We’re in the business of better rates, fairer fees, responsible lending and member service.”
“In these times of diminishing competition, we encourage more Australians to join the four and a half million members who are already benefiting from the great alternative that we offer.”
All credit unions and building societies (and banks) are Authorised Deposit-taking Institutions (ADIs), regulated under the Banking Act 1959. Australian credit unions and mutual building societies meet the same high standards of prudential regulation as banks through full regulatory oversight by APRA, the prudential regulator.
For more information, please contact:
Pamela Eldridge
Media Adviser, Abacus – Australian Mutuals
02 8299 9024, 0423 843 790
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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[1] For more information or to obtain the survey, please contact Roy Morgan Research at www.roymorganonlinestore.com or call Norman Morris, Industry Communications Director on (03) 9224 5172.
