25 April 2023
1st Class Credit Union Members’ Satisfaction Survey 2023
In early March we conducted a survey to understand a bit more about our members’ needs and now we are sharing the results with you. We were delighted to know that 88% of you rated our services as excellent or good, which is fantastic news! We are thrilled to see that our members are satisfied with the services provided, and we will continue to work hard to ensure we meet and exceed your expectations.
We asked our members what else we could do for you and many declared being satisfied so far, which is great to hear, but we also received valuable feedback. Some members pointed out that they would like to have the payment of dividends implemented back and a more user-friendly system/app. Others suggested that we offer real-time transfers, make it easier to apply for a loan, and allow you to top up a loan. We appreciate all of your input and will take it on board as we strive to continually improve our credit union.
We also asked our members to rate their phone call experience, and we are pleased to see that 82% of respondents rated it as excellent or good. We are committed to delivering excellent service, and your feedback helps us to identify areas of improvement.
Of the 453 respondents, 62% have already applied for a loan with 1st Class Credit Union. Among those who had a loan, 67% rated their experience as excellent, and 22% rated it as good. We are glad that the majority of those who applied for a loan with us had a positive experience. Rest assured that our loan application process will always be individualised and your own circumstances considered.
For those who haven't applied for a loan with us, the main reason was that 59% said it was not needed, whilst 20% were natural savers. Other reasons varied from the interest rates, difficulties with the application process, and affordability issues. We’ll be taking this on board, especially the fact that 75% of you have told us that the most important thing when choosing whom to borrow from is an affordable interest rate/APR, followed by ease of application at 65%.
With regards to things that you’d like to see us offer, 46% of the respondents said that high-interest savings accounts/ISAs would be a great product, as well as car finance at 30%, credit cards at 27%, and insurance products at 21%.
Thank you to everyone who took the time to complete our survey. Your feedback is important to us, and we will continue to work to provide competitive interest rates, the best level of service we possibly can, and the best experience for our members.