Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CUs well above banks in California performance survey
SACRAMENTO, Calif. (11/18/11)--California credit unions rated well above the state's banks in the 2011 California Bank & Credit Union Survey by Prime Performance (worldbookandnews.com Nov. 16).

The Golden 1 CU, a $7.46 billion asset credit union based in Sacramento, had the top overall score in the survey (79%) and ranked first in all four questions that constitute the company's Prime Experience Index (PXI). Other scores for major banks were:

  • Bank of the West, 68%;
  • Union Bank, 66%;
  • U.S. Bank, 57%;
  • Wells Fargo, 51%;
  • Citibank, 48%;
  • Chase, 43%; and
  • Bank of America, 39%.
PXI indicates how credit unions and banks perform when attempting to deliver a superior member/customer experience.

In the survey, the Overall Customer Experience Score for all financial institutions in the state was 55%. The PXI for all credit unions other than The Golden 1 was 79%; and for all banks other than the seven major ones listed earlier the score was 65%.

The Golden 1's top scores in the four areas that constitute the overall index were:

  • Satisfaction with service: 86%; other credit unions, 87%; other banks, 76%; state average, 68%;
  • Likely to recommend: 86%; other credit unions, 82%; other banks, 65%; state average, 56%;
  • Likely to come to the [financial institution] first for additional products or services: 66%; other credit unions, 71%; other banks, 53%; state average, 43%;
  • Effective at meeting financial needs: 77%; other credit unions, 76%; other banks, 66%; state average, 55%.    
"Credit unions are the clear customer-experience winners in our survey," said Jim S. Miller, Prime Performance president, adding that "overall, banks have work to do to catch up with their credit union competitors."
Other Resources

RSS print
News Now LiveWire
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
9 hours ago
.@CUNAMutualGroup has committed $35K to @trustdotcoop over the next year to suppor the future of #creditunions.
10 hours ago
.@madison_mag gets the cooperative scoop from @SummitDoMore's @kimsponem http://t.co/RxSCeSegie
10 hours ago
.@VantageWestCU emeritus chairman Whittaker inducted into @DCUC_HQ Hall of Fame http://t.co/dpeP4ME49U
12 hours ago
Australian newspaper covers Gen Y tips from @ServusCU at @WOCCU conference http://t.co/xqmLfZVwaI
13 hours ago