Any organization can claim to offer great customer service, but we have the facts to back up our claim. Take a look at how gruntled Arsenal members (and credit union members in general) are!

Arsenal Credit Union

  • 97.02% of our members say they would recommend us to others. A percentage this high does not happen without commitment from management and focus/engagement by front-line staff.
  • 97.81% of our members have rated our service as excellent or good this year (through June 5, 2017), with 89.76% rating it excellent! By comparison, here are our excellent service ratings from members since 2010 when we started measuring their satisfaction with our staff: 87.77% in 2016; 85.20% in 2015; 87.88% in 2014; 86.29% in 2013; 85.63% in 2012; 84.10% in 2011; and 81.19% in 2010. Providing excellent service on a consistent basis is the rule at Arsenal Credit Union, not the exception, and it’s why many people stay with us for a long time and make us their primary financial institution.

Credit Union Industry

  • Credit unions are among the highest-rated services that Consumer Reports magazine has ever evaluated, with 93% of their customers highly satisfied, on average, vs. 69% for the four biggest national banks. In addition to finding that credit unions offer unparalleled service compared with banks and online lenders, the magazine also reported (May 2016) that credit unions provide the lowest costs on the financial services block.
  • For the fourth year in a row (2015), credit unions were at the top of research firm Temkin Group's Customer Experience Ratings for financial institutions. With an 81% rating, credit unions finished 10 points higher than the industry average for their category. Customer experience was measured by how consumers scored companies on emotion, effort and success.
  • Credit unions "continue to offer market-leading interest rates among branch-based institutions, providing more than 2x the value of regional banks and over 5x as much as national banks," according to WalletHub's 2015 Banking Landscape Report.
  • Credit unions rank #1 in consumer satisfaction among all U.S. industries (33 categories), according to a 2014 American Customer Satisfaction Index survey. Credit unions registered a benchmark of 85 based on questions that measured different facets of consumers' satisfaction, such as courtesy and helpfulness of staff, speed of transactions, call center help, the east of understanding and using accounts, and websites. By contrast, megabanks' score was 73.
  • MONEY magazine recently ran the results of its Best Banks survey, but in a companion article, it noted “it’s possible the best place for you to park your cash might not be on the list.” The best part might be a credit union, it said. Because of their size and membership requirements, credit unions weren’t included in MONEY’s survey. The Oct. 31, 2014 article noted the benefits of better terms on savings and checking accounts, and more personal customer service.
  • Credit unions as a whole continue to be held in high regard by consumers when it comes to trustworthiness, according to a Harris Poll released on Oct. 30, 2014. More than three-quarters of respondents had some or a great deal of trust in local credit unions. Nearly half of all respondents said their trust in credit unions has remained consistent over the past few years, and 25% said they trusted credit unions more. Meanwhile, 50% reported having less trust in banks, and 57% had less trust in Wall Street.
  • Sixty percent of people called credit unions trustworthy in a Chicago Booth/Kellogg School Financial Trust Index released in September 2014. By contrast, only 30% said they trusted big banks.
  • Wallet Hub tracked 2,000 checking, savings, money market and certificate accounts offered by national and community banks and credit unions and found that in all cases, credit unions easily beat their banking competition in all areas (Q2 2014 Banking Landscape Report, released July 11, 2014). The Wallet Hub data indicated that credit unions were 72% cheaper than national banks, offered 105% more features and provided 562% higher interest rates on deposit accounts. Compared to smaller, community-based banks, credit unions were still 48% cheaper, offered 46% more features and provided 699% higher interest rates.
  • Credit unions generally charge lower rates and fees for their card services than other financial institutions that offer such products to college students, according to a U.S. Government Accountability Office study (Feb. 13, 2014).
  • Credit unions are #1 when it comes to online customer satisfaction, according to ForeSee’s Financial Services Benchmark report released on May 29, 2013. Of the five financial segments measured, credit union sites scored the highest, with average satisfaction scores of 82 on a 100-point scale. With ForeSee's methodology, scores of 80 and higher are classified as "highly satisfied.”
  • U.S. credit unions continue to achieve much higher satisfaction and advocacy rates compared to large regional and national banks, according to 2012 ath Power Ideal Banking Study results announced Dec. 18. The study assesses the retail member/customer experience at credit unions and banks nationwide.
  • Credit unions in the U.S. topped banks in member/customer satisfaction levels, in a recent nationwide survey released Dec. 11 by the American Customer Satisfaction Index (ACSI). Credit unions remain
    best-in-class for financial services and set the bar for customer satisfaction among all service industries covered by the ACSI.
  • Credit unions have the best reputation of any business sector, according to an April 2012 Prime Performance survey.
  • Credit union branches comprise 23 percent of financial institutions worldwide and serve 870 million people, making credit unions the second-largest financial services network in the world, according to a March 2012 Worldwatch Institute report.
  • Consumers save more than $6.7 billion a year in lower fees and better rates by using credit unions rather than banks. That’s an average yearly savings of $75 per person or $142 per family, according to CUNA.
  • Credit unions outshone banks in consumers' perceptions of safety and soundness, with 40% of respondents saying they believe credit unions are the safest financial institutions, compared with 34% naming banks. Nineteen percent of respondents said they trusted both types of institutions equally. The numbers are the results of the 2012 CUNA National Voter Survey.
 

 
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