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Foresight Research: Beating Out the Big Banks – Credit Union Competitive Advantages We at Foresight Research wanted to see what competitive advantages credit unions had. So, we went out and interviewed almost 11,000 people who make or participate in the banking decision - in 44 different markets.From coast to coast, the big banks soak up much of the financial institution market share. We all know this, but credit unions do have significant presence. So, what are the reasons that almost 1 in 5 people opt to stay with credit unions. To answer this question, we compared big bank customer satisfaction to credit union member satisfaction on 16 banking attributes ranging from products, services, relationships and access to the bank or credit union. Credit union members are significantly more often satisfied than big bank customers on these attributes.Good Interest Rates on LoansGood Interest Rates on SavingsOffers Good Financial AdviceGood Credit Card FeesGood ReputationIt’s no surprise that credit unions are seen to offer better fees and interest rates on loans, savings accounts and credit cards. But having a good reputation and offering good financial advice are relationship elements that credit unions could also tout. Even in this digital world, a face to face direct relationship is still important to most banking customers and credit union members. These items suggest that the local interaction plays an important role vs. the big faceless multi location banks. And guess what, it is not just putting on a smiley face. On friendly and courteous personnel, banks and credit unions are rated equally. It is about professional, knowledgeable personnel in a friendly environment. That coupled with the interest rate and fee advantages is a winning formula.To find out more check out our report: THE EXCELLENT BANKING EXPERIENCE – MEANS BUSINES. It details many important customer and member expectations, satisfaction, churn and the payoffs for excellent customer/member satisfaction. Foresight Research is a marketing research company and a leader in cost effective syndicated market research - working with Fortune 500 companies for over 20 years. ContactSteve Bruyn248.608.1870 x 12steve@ ................
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