Banks Outpace Credit Unions in Customer Satisfaction Levels

Banks are outpacing credit unions in terms of customer satisfaction, according to the 2021 American Consumer Satisfaction Index.

The study which focused on four financial services industries, including banks, credit unions, financial advisors and online advisors, and interviewed 15,120 customers, found banks earned a satisfaction score of 78 on a 100-point scale. 

Credit unions scored 76 – down 1.3% compared to last year, marking a historic low.

The primary reasons given by customers that were least unsatisfied with credit unions were the number and location of ATMs, number and location of branches, and the competitiveness of interest rates.

Among banks, regional and community institutions notched the highest satisfaction score of 80, while national banks earned a score of 76, and super-regional banks scored 75.

Chase was the highest-rated national bank with a score 76, followed by Citibank. Bank of America and Wells Fargo were also in the top four, with a score of 76, and 74.

Capital One was the highest rated super-regional institution, followed by PNC Bank, TD Bank and Regions Bank.

Banks received high marks from customers thanks to the quality of their mobile apps, courtesy and helpfulness of tellers or staff, reliability of their mobile apps and website satisfaction.

National and regional and community banks earned a higher score on the quality of mobile apps, compared to super-regional banks. 

In comparison to other industries, banks also ranked just ahead of financial advisors, household appliances and life insurances, personal computers, automobiles, and light vehicles.

Last week, a survey from American Bankers Association echoed findings in found that digital banking customer satisfaction levels were sustained from 2020. 

The survey revealed that 99% of respondents rated their bank’s online and mobile app experience, as “good”, “very good” or “excellent”, matching last year’s record.