1 / 7

An Online Survey Among Michigan Adults

An Online Survey Among Michigan Adults. Survey Results. Prepared by:. September 27, 2010.

cathal
Download Presentation

An Online Survey Among Michigan Adults

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. An Online Survey Among Michigan Adults Survey Results Prepared by: September 27, 2010

  2. 2010 Consumer Study was conducted first time by MCUL. The data was collected through the online survey between August 20 and August 30, 2010 with Michigan residence of age 18 and over (419 Bank Customers and 409 Credit Union Members). The research found out that: CU members are highly satisfied with the relationship they have with their credit unions. Compared to bank customers, CU members are much more positiveabout their primary financial institution. Over 6 in 10 CU members they have an outstanding relationship with their financial institution (give a rating of 9 or 10 on a 10 point scale), while bank customers show much lower levels of satisfaction, only 3 in 10 bank customers say the same about their financial institutions. Compared to one year ago, Michigan adults are twice more satisfied with their credit unions than bank customers with their primary financial institutions. Michigan CU members have significantly more confidence and trust in their financial institution compared to bank customers. More than three-quarters (76%) of CU members are absolutely confident that their financial institution is the best place for their financial needs compared to one third of bank customers (31%). Two thirds (67%) of CU members trust entirely that their financial institution operates with the customer’s best interest in mind compared to just less than a quarter (21%0 of those bank customers. CU members are significantly more likely to recommend their financial institution to others. Twice more Michigan CU members (64%) say they would definitely recommend their financial institution to a friend, family member or co-worker compared to bank customers (31%). 7 in 10 CU members have made at least one recommendation in the past two years. Word of mouth referrals and attractive interest rates influenced CU members to select their financial institution significantly more than bank customers. Credit unions members have more loyalty towards their financial institutions than bank customers. 7 in 10 Michigan CU members will definitely not switch primary financial institution in the next year while only 3 in 10 bank customers are saying it about their banks, thus reporting less loyalty to their financial institutions. Lower fees and better customer service are the top reasons for considering a switch. CU members give their financial institution higher ratings compared to bank customers for quality of service, overall value, problem resolution, more transparency, trust, and being involved in community events. 2

  3. CU members are highly satisfied with the relationship they have with their financial institution • Over 6 in 10 CU members have an outstanding relationship with their financial institution (give a rating of 9 or 10 on a 10 point scale). • Bank customers show much lower levels of satisfaction, with only 3 in 10 giving a 9 or 10 rating. Overall experience/satisfaction (10 pt. scale) Means TotalN=828 Bank N=419 Credit UnionN=409 8.6 7.9 7.4 (Rated 8/9/10) (Rated 9/10) Base: Use a bank or credit union Q865 Considering all aspects of your relationship with your primary financial institution, please rate your overall experience/satisfaction using a scale of 1 to 10 where 1 is Unacceptable and 10 is Outstanding.

  4. Compared to one year ago, Michigan adults are equally satisfied with their primary financial institution • CU members are twice as likely to have experienced an increase in satisfaction over the last year (15% vs. 7%). Current satisfaction vs. a year ago Base: Use a bank or credit union Q870 Are you more satisfied, equally satisfied, or less satisfied with your primary financial institution than you were a year ago?

  5. CU members have significantly more confidence and trust in their financial institution • More than three-quarters of CU members are absolutely confident that their financial institution is the best place for their financial needs, while only 3 in 10 bank customers share the same sentiment. • Two thirds of CU members trust entirely that their financial institution operates with the customer’s best interest in mind compared to 2 in 10 bank customers. Confident that primary financial institution is the best place for their financial needs (Top 2 Box) Trust that primary financial institution is doing what is in the best interest for their household (Top 3 Box) Base: Use a bank or credit union Q825 How much confidence do you have that your primary financial institution is the best place for your financial needs? Use a 4 pt. scale; 1=Not confident at all, 4=Absolutely confident Q830 How much do you trust that your primary financial institution is doing what is in the best interest for you/your household? Use a 4 pt. scale; 1=Do not trust at all, 4=Trust entirely

  6. CU members are significantly more likely to recommend their financial institution to others • Compared to bank customers, CU members are twice as likely to say they definitely would recommend their primary financial institution (64% vs. 31%). • 7 in 10 CU members have made at least one recommendation in the past two years. Banking customers are significantly less likely (less than 6 in 10) to have recommended their institution. Would recommend to a friend, family member, or co-worker Times in the past two years have actually recommended TotalN=828 Bank N=419 Credit UnionN=409 Mean number of times: Total 2.3 Bank 1.9 Credit Union 2.9 Base: Use a bank or credit union Q875 Would recommend your primary financial institution to a friend, family member, or co-worker? Q880 How many times in the past two years have you actually recommended your primary financial institution to a friend, family member, or co-worker?

  7. 7 in 10 CU members will definitely not switch primary their financial institution in the next year • CU members are more than twice as likely as bank customers to say they definitely will not switch financial institutions in the next year (70% vs. 31%). • Lower fees and better customer service are the top reasons for considering a switch. Likelihood to switch from primary financial institution to another in next 12 months Main Reason for Considering a Switch 5% 10% 8% Base: Use a bank or credit union Q890 How likely are you to switch from your primary financial institution in the next twelve months to another one? Use a 4pt. scale; 1=Definitely will not switch, 4=Definitely will switch Base: Would consider switching from primary fin.institution in next 12 months Q895 Which of the following would be the main reason for you to switch from your current primary financial institution? Please select one.

More Related