Credit unions are outperforming commercial banks and insurance companies in the areas of reliability and customer satisfaction.
According to the latest National Initiative for Service Excellence (NISE) Customer Satisfaction Index (NCSI), credit unions are ranked first with a score of 82 out of 100,insurance companies second with 75 and banks third with a score of 71.
Presenting the results to the media today, chief executive officer of NISE, Kim Tudor said the major complaint from those surveyed was about the length of time spent waiting for service.
The level of customer complaints showed 21 per cent against banks, 16 per cent against insurance companies and only 6 per cent against credit unions.
“For the banks, the level of expectation was 78 and they were performing below expectations. The insurances were also performing below expectation. Only the credit unions performed above the expectation and the expectation is actually higher than the other two,” Tudor said.
