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
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."