State of CUs survey shows members favor visiting branches

According to a new survey by TimeTrade, “The State of Credit Unions 2017,” in-branch transactions are still popular among CU members, despite an overall shift by the public to online financial transactions. In the survey of 2,000 consumers, 46 percent of respondents visited a credit union branch once a month or more, with another 25 percent visiting at least five times during the past year.

The findings indicate in-person banking is becoming more important and more specialized, and, as a result, member service experiences  are even more critical to developing important relationships. The trend is expected to continue in placing much more emphasis on the importance of human interaction.

CU Times says ranking the quality of service members receive at their credit union on a scale of 1 to 5 (with 5 being the best), 45 percent of respondents rated their credit union a 5, while another 39 percent gave their institution a 4. Only 33 of bank customers rated their bank a 5.

Seventy-eight percent of respondents feel they have a personalized in-branch experience, compared with just 71 percent of bank customers. In a tip of the hat to people helping people, 62 percent of respondents said that when they meet with a credit union representative, the employee is always knowledgeable and able to help them. Read the full article here.