Member Service at the Heart of What Credit Unions Do

Thursday 24 October 2024

Credit unions have proved  their hands on service has delivered outstanding results for member satisfaction according to insights from more than 150,000 consumers.

The findings come from a study by Smart Money People, the UK’s most comprehensive financial services review site, in partnership with Fair4All Finance, the not-for-profit financial inclusion organisation.

Smart Money People’s analysis reveals UK credit unions have achieved an average score of 4.91 out of 5 for overall customer satisfaction in the last 12 months, based on independent reviews.

As well as coming out on top for overall satisfaction, credit unions were also voted best on value for money (4.81 out of 5) and had a score of 4.84 out of 5 for customer service.

When asked about their experience of credit unions, customers frequently highlighted the friendly and efficient service they receive. Many customers also praise the speed of assistance and the willingness of staff to go the extra mile.

When taking out loans or savings products, many customers highlight the simple application process, ease of managing their account, as well as the competitive loan terms.

Word of mouth continues to be one of the most successful tools to increase credit union membership and families all holding accounts with credit unions over significant periods of time is testament to this. Customers emphasise how their local credit union has helped them and their families through difficult times, both formally with the services they offer and informally with the guidance and reassurance they provide on financial resilience.

Jacqueline Dewey, CEO at Smart Money People, said, “Our data demonstrates the important role that Credit Unions play in the market.  At the heart of communities, they’re delivering products that meet their customers’ needs, and service levels that are amongst the best in the industry as well as ensuring financial inclusivity.

“At Smart Money People we’ve seen significant growth in the number of reviews being left for credit unions in recent years.  Customers really value the personal service, the encouragement to develop good financial habits, and the support offered which in many cases extends beyond the products offered.  They are a vital part of the overall financial landscape and critical to the communities that they serve.”

Commenting on the report, ABCUL CEO, Robert Kelly said: “It’s a hugely exciting and vibrant time for the credit union sector. Credit unions are founded on the ethos of people helping people and as membership numbers continue to increase reach (now at its highest recorded figure), we know people want the sector to grow the exemplary care and services it has always offered.”

Source – London Loves Business