- Almost half (48%) of 16 to 34-year-olds say they would not leave their primary financial institution due to the introduction of fees if customer experience was excellent
- Over a quarter (27%) of those aged 55+ say the same
- 44% believe credit unions are more trustworthy than traditional banks
- 55% would consider using the credit union as their primary financial institution
- Credit unions rated best for customer service (41%), customer experience (44%) and best value for money (41%), ahead of all other financial institutions
Dublin – 22nd July 2021: According to new research carried out by Wellington IT, the tech partner for the credit union sector, almost half (48%) of 16 to 34-year-olds say they would not leave their primary financial institution if fees were introduced, assuming the customer experience was excellent.
Young people appear to be less concerned with fees than older age groups, as just over a quarter (27%) of those aged 55+ say the same.
Carried out by Censuswide in April 2021 and involving a nationally representative 1,001 consumers in Ireland, the study also revealed that 44% believe credit unions are the most trustworthy financial institution, ahead of traditional banks at 31%.
56% of respondents feel that the credit union makes it easier for members to use products and services, while 55% would consider using the credit union as their primary financial institution.
Over three-quarters (77%) said they were satisfied with their experience of dealing with the credit union. The sector was rated best for customer service (41%), customer experience (44%) and best value for money (41%), outperforming all other financial institutions.
Commenting on the research, Declan Colfer, MD of Wellington IT, said: “We’re encouraged by the positive sentiment around the introduction of fees in financial institutions, especially among younger cohorts.
“People are realising that the prospect of paying additional fees is outweighed when coupled with a tangible, positive customer experience. It’s also heartening to see that the credit union sector outperformed all other financial institutions in terms of both customer experience and service, as well as trustworthiness and value for money.
“Based on these findings, any introduction of fees in credit unions or other institutions shouldn’t be a deterrent for the younger generations.”