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Sunday, 13th May 2018

Credit Unions are the most trusted organisations in the country

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Niamh Boyle, Managing Director of The Reputations Agency, and Charles Murphy, President of the Irish League of Credit Unions.  Photograph: Conor Healy.

Credit Unions have been ranked number one out of 100 companies surveyed for the 2018 RepTrak® report. With a score of 82, Credit Unions not only emerged in first place, but were also well ahead of the average score of 57.5 amongst other financial services organisations.

Tom Kiely, CEO of Drogheda Credit Union Ltd said "We are delighted to get this award for our role in providing trusted financial services to our local communities and it is great recognition of the selfless work and tireless commitment of Credit Unions to their communities."

Charles Murphy, President of the Irish League of Credit Unions said Credit Unions are a cornerstone of local communities.

“The trust that members place in their local Credit Union has been earned, and enhanced, by consistent actions that demonstrate a caring, understanding, people-focused approach. Credit Union personnel take time to get to know their members and to understand their needs,” he said. “Decisions are made at local level, in the best interest of the members of the Credit Union. Above all else, people feel valued and respected“.

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The annual Ireland RepTrak® 2018 study is the largest and longest running study of reputation in Ireland, now in its ninth year. Based on the perceptions of 7,094 members of the public who completed the survey between 5th January and 5th March 2018, the survey measures the level of trust, respect, admiration and esteem the public has for 100 of the largest, most familiar, and most important organisations in Ireland, along with 25 other reputation indicators.

The top 10 companies in the Ireland RepTrak® 2018 study are:

  • Credit Unions – 82.0
  • Kellogg’s – 81.1
  • Aldi – 80.2
  • Bord Bia – 80.0
  • Boots - 79.5
  • Tourism Ireland – 79.1
  • Toyota – 78.9
  • An Post – 78.5
  • Dublin Airport – 78.4
  • Kerry Group – 77.7

This year's average reputation Pulse score was 66.0 compared to 64.4 in 2017, highlighting an increase in trust and confidence for organisations amongst the public. 

According to Niamh Boyle, Managing Director, The Reputations Agency: “Reputation scores rose in Ireland this year, while scores in major global markets such as the UK, US declined for the first time since the end of the recession, with a growing crisis of trust globally, and organisations increasingly judged on aspects of morality and ethics. In Ireland, positive economic indicators such as exports, GDP, FDI, wages, and consumer spending have helped to build trust, respect, esteem, and good feeling towards organisations. 

“Reputation matters as strong reputations help to win customers, attract the right talent, gain support from key stakeholders, and ultimately drive business performance. We see this in the work we do with our clients in helping them to reach their business objectives. As an illustration, as we come close to reaching full employment in Ireland the war on talent is heating up and building a strong reputation and employer brand has become a key focus for organisations, particularly amongst millennials who care deeply about the reputations of the organisations they choose to work with. 

“It’s essential for organisational leaders to have a deep understanding of what is driving their reputation. Armed with insights from this study an organisation can take steps to apply their efforts to the areas that most need to be addressed."

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