Big Banks, Credit Unions and Customer Service Considerations

by Pinky Tyagi Blogger & Writter

What banking arrangement – traditional bank or credit union - works best for you? The reality is not everyone would benefit from even the best bank or best credit union in Kalkaska, MI. Much of it depends on their customer service expectations; this should help you figure out where you fall and what works best for your needs.

Personalized versus More Options

With some accounts, the best credit union can offer better interest rates than large, traditional banks. The trade-off is that while it is narrowing, credit unions also have more limited options in terms of financial tools and instruments. Credit unions also can consider you as an individual, within reason, when making lending decisions. At a large bank, your choices might be larger, but your processes for approval are more rigid.

So if this is your decision point, the issue comes down to whether you want more options, but less flexible processes or fewer options but a more personal touch.

Customer Service

With rare exceptions, every financial institution wants your business. The issue is whether they view you as “just another customer” or know you on a more personal level. At a larger bank, you will truly be “just a number” to their staff; you must be because their client base is too large to know everyone personally. For some, that type of banking is perfect; it is simple, process-driven and mostly anonymous.

For others, however, being more than just a number is important. They want to be appreciated and recognized as a valuable customer and community member. They want their patronage to mean something. That is where the more personal touch of a credit union comes into play. Credit union personnel know their customers because they are smaller and their client base is not so large that every customer becomes a serial number.

Technology and Access

For years, larger banks had an edge in technology as smaller banks and credit unions because technology is very expensive. In fact, there was a time not too long ago when if a credit union had a mobile app, they were considered “cutting edge” in the industry.

As banking has become more electronic, however, those initial costs have decreased. While a credit union might not have all the technological bells and whistles a big bank might offer, they do more than enough electronic tools for the average customer.

In a comparison, those are the major differences between a big bank and a credit union in terms of customer service. As you decide whether you want a more traditional banking experience or to get the personal touch the best credit union in Kalkaska MI can afford keep these differences and your preferences in mind.

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Created on Oct 15th 2019 06:14. Viewed 388 times.

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