Editor’s Note: This column was written in response to a challenge by CUToday.info’s Frank J. Diekmann that members of Filene’s i3 group and other CU organizations lead the charge and help reverse the three year decline by credit unions, which have fallen bedhind banks in the annual American Customer Satisfaction Index.

By Shanda R. Reaves




Credit unions pride themselves on a high level of service, satisfaction, and face-to-face interactions. But has the idea been considered that as a whole, members may no longer equate good service to face-to-face interactions as much as credit unions think they do?

Recent surveys from the American Consumer Satisfaction Index have shown that credit unions are falling behind in member satisfaction. This is not because credit unions are lacking in the quality of service, but because the needs and expectations of members have shifted. Due to the pandemic, members value their time doing more meaningful things and, thanks to Amazon, members expect more variety and a quick turnaround time.

In order for credit unions to be sustainable there must be a shift in the mindset of credit union leaders. Credit union leaders must be proactive at looking at trends and investing money into solutions that will create longevity. Credit unions should passionately seek the best new innovative opportunities, even if they are non-traditional and execute these initiatives with enormous discipline. This is easier said than done, because face-to-face interactions and community is the bedrock of what credit unions are based on.

The Answer is Attainable

Nevertheless, the answer appears to be attainable.

Credit unions should consider: Continue Reading