Quality of service is an aspect of banking that can be overlooked easily when crunching the numbers on interest rates and fees. However, service can have a huge impact on your satisfaction when it comes to where you keep your money or finance your auto and home loans. There are many reasons why credit unions are not to be missed when evaluating options for your financial needs, and great customer service is one of the most important.
Do Customers Really Like the Service at Credit Unions?
Yes, they really do. In recent years, the American Customer Service Satisfaction Index for credit unions has ranged from 81% to 87%. It’s this high level of service that causes many credit union Members to insist they’ll never leave their credit unions.
Why Do Credit Unions Make Service a Priority?
The short answer to why credit unions make service a priority: it’s just what they do. The long answer is more interesting and includes a look at some of the core values and guiding principles of credit unions.
Members, Not Customers
This first principle is fundamental to the way people are treated at credit unions. Credit unions don’t have “customers.” They have Members. Members own and democratically control credit unions. You’re not just a customer at a credit union, but a valued partner.
People Before Profits
Credit unions exist to be of service to their Members. Any surplus funds acquired by these not-for-profit organizations are returned to its Members through better loan rates, lower fees, and community support. Wonderful things happen when an organization focuses on the needs of its Members and its community, rather than figuring out ways to make money from them. This people-first sentiment is expressed in every interaction between Member and credit union.
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Cooperative Management
All credit unions are Member-owned cooperatives that work for the betterment of their membership. This one-Member, one-vote policy creates an atmosphere of equality among all Members, regardless of the size of their accounts. No matter where they are in their financial life, credit union Members are treated with care and respect.
Commitment to Education
Financial education of Members is important to credit unions. This translates to credit union representatives taking the time to help identify the financial services that would best meet the needs of every individual Member.
These are just some of reasons that can help explain why credit unions are famous for great service and worthy of consideration when it comes to choosing a financial institution.
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