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CU System
CUs remain on top in 2011 customer satisfaction survey
MADISON, Wis. (3/9/12)--Credit unions top the list of U.S. financial institutions when it comes to member/customer satisfaction, according to a new survey released Thursday.

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Members/customers claim they were more satisfied last year in their interactions with credit union and bank call center representatives than in 2010, according to the 2011Customer Experience with Call Center Representatives Survey by Prime Performance, which advises credit unions and banks on improving the client experience.

Based on a recent interaction with a call center representative, credit union members rate their overall satisfaction with a net score of 83%. The comparable score for small banks (banks with less than 300 branches) is 79% The industry average is 70%. Falling below that are: large banks (300 to 4,000 branches), 66%; Chase, 62%; Wells Fargo, 61%; and Bank of America, 56%.

A net satisfaction score is the percent of satisfied customers minus the percent of dissatisfied ones. A score of 100% is perfect.

"In face-to-face interactions, customers are more satisfied with the service they receive in all bank categories," said Jim S. Miller, Prime Performance president. "On the phone, satisfaction with service is up for credit unions, small banks and large banks, but not for the three mega-banks: Bank of America, Chase and Wells Fargo."

The industry average net satisfaction score increased 3% from 2010. Credit unions increased 2%. Large banks experienced the greatest increase at 5%, followed by small banks--4%.The net scores at Bank of America and Wells Fargo dropped by 2% each. Chase saw a drop of 1%.

Satisfaction increased the most among Gen X customers (born between 1965 and 1980), up 7%, followed by Gen Y (born after 1980), up 5%. Satisfaction among boomers and older customers (born before 1965) remained flat. The greatest increase in satisfaction was 8% over 2010 for customers earning more than $100,000 per year.

The survey was conducted in August and September with more than 8,000 members/customers who had recently been assisted by a representative at a credit union, small bank, large bank or one of the three mega-banks--Bank of America, Chase and Wells Fargo.

For a full copy of the report, use the link.
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