Customer Satisfaction Survey

In 2006 FiSCA commissioned an independent research study of the customers of financial service centers, to determine their satisfaction levels and to learn more about their usage of all products and services.

The purpose of this study was to update the benchmarks reported in FiSCA’s 2000 Customer Satisfaction Survey as well as to provide expanded knowledge of the unbanked, underbanked and banked consumers that our members have serviced for over 50 years.  This customer base has now become increasingly more attractive to those outside of the financial service provider arena.

The survey was conducted by Dr. Patricia Cirillo, Ph.D. of Cypress Research Group. Dr. Cirillo is widely acknowledged as the foremost researcher in the financial services industry with extensive experience in the study of consumer behavior among the customers of alternative financial service providers. More than one thousand customers from across the country were interviewed in-person at FiSCA member stores in 11 cities across the US.

Results of the study show these customers to be financially savvy consumers who choose to use these outlets to conduct their financial transactions – despite the presence of other options.  They are highly satisfied with their experiences at financial service centers and are remarkably loyal customers as well.

Key Findings 

The key customer findings contained in the study (which have a margin of error of +/-3 percent) include:

• Over half (58%) have either a checking or savings account at a bank or credit union
• On average, customers relied on 2-3 different financial products or services and the strong majority (64%) obtained these services from the store in which they were interviewed
• Overall customer satisfaction with FiSCA-member stores is very high
  • 92% of respondents rated the overall value for the money of products and services as either ‘excellent,’ ‘very good,’ or ‘good.’
  • 95% of respondents rated overall quality of services received as ‘excellent,’ ‘very good,’ or ‘good.’
  • 64% cited convenient locations as the primary reason they use a FiSCA store versus a bank; 37% cites better hours; 34% cite better service and 18% cite lower fees
  • 63% have patronized the same location for at least one year, with 21% returning to that location for five years or more

Click for the full 2006 customer satisfaction study.