Credit Union Satisfaction Index 2020

Retail Report – October 2020
October 29, 2020

Credit Union Satisfaction Index 2020

Women speaking at a credit union

2020 was a unique year. Much like Lewis Carroll’s Alice’s Adventures in Wonderland, it was a year where we went “through the looking glass”. Many of our assumptions about previously steady and consistent aspects of life turned into a new reality.

For example, real gross domestic product (GDP) fell 3.5% in 2020--the greatest annual decline in over 75 years. At the start of 2020, unemployment was below four percent. By April it had jumped to 15%, but by year-end it had dropped back to six percent. Such rollercoaster statistics became the norm in the new pandemic world.

Credit unions also had to adjust to the new reality. Things that had previously seemed outdated had a resurgence. For example, curbside banking became popular, making many financial institutions look like a retro burger joint (minus the roller skates on the waitstaff). And perhaps most surprisingly, people were actually encouraged to mask their faces when entering a bank.

As 2020 wound down, it became clear that this new reality would lead to a new banking environment. Credit unions will still have to contend with the regular issues of customer experience -such as member engagement, community support, and problem resolution - but also must apply the lessons learned from 2020 to help shape this future.

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