Credit Unions in Top Spot in Latest Foresee Online Satisfaction Report

By Peter Strozniak, Credit Union Times

Credit unions are No. 1 when it comes to online customer satisfaction and customers aregenerally highly satisfied with their financial mobile sites, according to ForeSee’s Financial Services Benchmark report released Wednesday.

Of the five financial segments measured, credit union sites scored the highest, with average satisfaction scores of 82 on a 100-point scale. However, this new score is four points lowerthan what the benchmark study reported in 2011 when credit unions a scored of 86 in customer online banking satisfaction, one point less than the score earned by large banks.

ForeSee said its numbers come from data from more than 335,000 surveys from the first quarter of 2013 in which consumers shared their experiences with online websites, mobile websites and mobile applications.

This year’s benchmark report said investments and lending organizations scored much lower with average satisfaction scores of 69 and 70, respectively, the customer experience analytics firm said.

Banking and miscellaneous financially focused organizations (such as financial media sites), fell in the middle of the range, with average satisfaction scores of 71 and 74.

Overall, average customer satisfaction with financial websites is at 72. With ForeSee’s methodology, scores of 80 and higher are classified as “highly satisfied,” while scores of 69 and lower are considered “dissatisfied,” the Ann Arbor, Mich., company said.

ForeSee also benchmarked satisfaction with mobile financial sites and applications, which scored on the high end of the spectrum compared to customer satisfaction with websites.

The average customer satisfaction with mobile financial websites and applications was 82, a superior score that shows customers generally are highly satisfied with financial mobile sites, the company said.

ForeSee, however, did not provide the industry segment break down of customer satisfaction scores among mobile users.

The benchmark report provides insights into the value of a highly satisfied customer (those who rated their satisfaction at 80 or higher) by comparing their likely future behaviors to those of less-satisfied customers (with satisfaction below 70), the company said.

Based on likelihood scores, highly satisfied online customers report being more likely to recommend the company to a friend, family member or colleague, which may translate into more business and increased loyalty for financial institutions. Across all industry segments, highly satisfied customers are more likely to recommend than less-satisfied customers:

  • Banking customers are 120% more likely to recommend.
  • Credit union customers are 92% more likely to recommend.
  • Investment customers are 139% more likely to recommend.
  • Lending customers are 126% more likely to recommend.
  • Customers of miscellaneous financial companies are 96% more likely to recommend.


What’s more, highly satisfied online customers are much more likely than less-satisfied online customers to use again, which may likely lead to a higher frequency of customer interaction, improved engagement and an increased share of wallet.

Broken down by the financial services industry segments highly satisfied customers are more likely to use the website in the future:

  • Banking customers are 38% more likely to use again.
  • Credit union customers are 29% more likely to use again.
  • Investment customers are 56% more likely to use again.
  • Lending customers are 52% more likely to use again.
  • Customers of miscellaneous financial companies are 56% more likely to use again.


Among mobile users, highly satisfied customers are 41% more likely than less-satisfied users to recommend to a friend, family member or colleague and are 78% more likely to use again, according to the benchmark report. The report did not provide an industry segment breakdown for mobile users.

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