Service quality at banks and credit unions: what do their customers say?

Abstract

Bank and credit union customers were surveyed to determine bank and credit union service quality performance. The results of our study indicate that credit unions rate significantly higher than banks on 11 of the 14 service quality questions: access; courtesy; communication; credibility; security; empathy; tangibles; basic service; fairness; fixing mistakes; and guarantees. The findings also indicate that neither banks nor credit unions do a good job of surveying customer needs or retaining customers. Other results indicate that 50 percent of total respondents surveyed reported that they had stopped using a financial service provider because of poor service performance. The vast majority of that group reported that their decision was made because a bank failed to provide adequate service.

Accounting Window Dressing and Template Regulation: A Case Study of the Australian Credit Union Industry

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The Impact of Service Quality and Cultural Beliefs on Intention to Use Financial Services: The Moderating Role of Trust

“…Specifically, Schmidt, Bergsiek and Kolesnikova (2008) reported that in the U.S., 40% of consumers switched banks owing to ineffective services. Similarly, Allred and Addams (2000) also reported that 50% of their total respondents switched banks owing to issues regarding service.…”

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“…• discount and department stores (Finn and Lamb 1991;Daholbkar et al 1996;Stank et al 1999;Miguel et al 2004;Siu and Cheung 2001), • hotel industry (Lewis 1987;Nash 1988;Barsky 1992;Tsang and Qu 2000;Wilkins et al 2007), • hospital industry and healthcare (Babakus and Mangold 1992;Youseff et al 1996;Pagouni 1997;Sewell 1997;Camilleri and O'Callaghan 1998), • education and university (Hill 1995;Galloway 1998;Orwig and Jauch 1999;Waugh 2002 • public sectors and services (Donnelly and Dalrymple 1996;Orwig et al 1997;Brysland and Curry 2001;Wisniewski 2001), • local government (Donnelly et al 1995), and • banking industry (Avkiran 1994;Newman and Cowling 1996;Angur et al 1999;Lasser et al 2000;Blanchard and Galloway 1994;Allred 2000;Allred and Addams 2000;Allred 2001;Mihelis et al 2001;Aldlaigan and Buttle 2002;Anvary Rostamy et al 2005). …”