CFI Group’s 2019 year-end Credit Union Satisfaction Index (CUSI) is 83, as measured on a 0-100 scale, down three points from last year but still four points above the bank satisfaction score. Credit unions score higher than banks on key customer experience measures, such as rates and fees, products and services, and interactions with branch and contact center staff.

To better engage members in 2020, credit unions should focus on five key initiatives.

1. Leverage strong member engagement
In the past 12 months, two out of five members say they have recommended their credit union to others.

2. Promote the community-centric purpose
82% of members say it’s at least somewhat important to bank with an institution that contributes to local community projects.

3. Emphasize minimal fees and low loan rates
Members rate their fees 14% better than the rating given by bank customers for their fees.

4. Continue online and mobile app development
One out of five members say they conduct all their banking activities without interacting with a person.

5. Improve the problem resolution process
Member satisfaction is 10% lower for those who experienced a problem.

For recommendations on how to effectively leverage these five areas, download the complete report.