Norwich Credit Union welcomes report into customer satisfaction
PUBLISHED: 11:08 15 March 2018 | UPDATED: 11:42 15 March 2018
The president of Norwich Credit Union has welcomed a new report which suggests credit unions outrank banks for customer satisfaction.
The study by the Financial Inclusion Centre found more than four in five (81%) of credit union members were very satisfied with the service, and 84% would recommend it to friends and family. A recent Which? survey returned a satisfaction score of 68% from bank customers.
In the UK there are 442 credit unions, serving 1.5 million members with savings accounts and affordable loans.
Jon Warne, president of Norwich Credit Union, said: “This is great to hear and actually doesn’t surprise us. At least half of our current members joined on the strength of a personal recommendation from a family member, friend or colleague.”
The average loan value at NCU was between £1,000 and £1,500, he added.
The membership survey was carried out as part of the wider Barclays Credit Union Programme which will invest £1m over four years to support the expansion of the credit union sector to improve its effectiveness and sustainability, and reach more financially excluded households.