Ministry Banking Satisfaction Survey: What Ministries Value Most in a Bank
In June 2009, members of ECCU’s Ministry Advisory Panel** were asked what they valued most in a bank. Resoundingly, they said customer service with a 9.52 score out of a possible 10, followed closely by price at 9.21 and convenience at 9.14. And, effective problem resolution was considered to be the most important aspect of customer service.
This report reveals some interesting insights about which specific areas of ministry banking are considered to be must-haves for a bank to retain a ministry’s patronage. It also provides a picture of ministries’ financial confidence during the economic crisis of this past year.
**The Ministry Advisory Panel is composed of ECCU member and non-member evangelical ministry staff and leaders representing churches, Christian schools, and other evangelical ministries. This report was produced by ECCU’s research department.
COMPARISON OF IMPORTANCE
The following graph shows how panelists rated the importance of these five areas of ministry banking satisfaction: Customer service, price, financial services, convenience, and banking relationship. Other findings resulting from this comparison include:
Panel members scored customer service as highest among the five areas of ministry banking satisfaction.
Panel members banking with a financial institution that does not advocate relationship as a core competency, rated banking relationship the lowest, while panel members banking at ECCU gave banking relationship a much higher score. One interpretation of this disparity is that many ministries simply have not had the opportunity to experience a true relationship with their bank and thus are unable to recognize the value of having one.
COMPARISON OF REVENUE
The following graph shows that 58 percent of the panel members surveyed reported equal or higher revenues in the first quarter of 2009 than their ministries had in the fourth quarter of 2008; 39 percent reported lower revenues.
When asked how confident they were in their ministry’s ability to meet financial obligations in the next six months, the great majority of panelists—85 percent—felt somewhat confident or confident, while only 8 percent felt somewhat not confident. None reported being not confident.
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