Winnipeg – As financial institutions compete throughout the province for Manitobans’ loyalty, credit unions appear to be doing a better job than banks of keeping their clients happy, a new Jory Capital-Probe Research Inc. survey of 1,001 Manitobans reveals. This survey also indicates that credit unions would win over a disproportionate number of “Big Five” bank customers if these individuals were to relocate their banking business.

Most Manitobans are satisfied with their financial institutions, although a larger proportion of credit union customers are very satisfied with their financial institution compared to those who deal with banks (74%, versus 64% respectively). Bank customers were more likely than credit union clients to express only muted levels of satisfaction with their financial institution (31% somewhat satisfied, versus 23% respectively). Very small numbers of Manitobans were dissatisfied with their financial institution (4%, including just 1% who were very dissatisfied).

Overall, a larger proportion of Manitobans would prefer to move to a credit union (45%, versus 37% who would take their account to a bank). Current credit union clients would be nearly three times as likely to open an account at a competing credit union rather than take their business to a bank (60%, versus 23% respectively) while bank clients are only slightly less likely to seek out a credit union rather than go to another bank (38%, versus 47% respectively).

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Labels: banks, credit unions, Jory Capital, Probe Research