Navy Federal Tops National Banks in Customer Satisfaction for Sixth Consecutive Year
Credit union retains rank among power brands: Google and Apple
VIENNA, Va., Dec. 13, 2012 /PRNewswire-USNewswire/ — For the sixth straight year, Navy Federal Credit Union is ranked as a leader in the American Customer Satisfaction Index (ACSI) for 2012. Consistency is key in customer service and it’s the linchpin of service excellence for the credit union, which serves the Department of Defense military, civilian and contractor personnel. The credit union achieved a member satisfaction score of 87, putting them in the company of high performers in customer satisfaction such as BMW, Mercedes Benz, Apple, Google and Coca-Cola.
“The strength of Navy Federal’s relationship to our members is the bedrock of our success. From the employees at the call center to the branch managers and above, we are dedicated to doing what’s right for our members,” says Cutler Dawson, president and CEO. “And, members recognize this. That’s why they share our story and the benefits of membership with friends and family. Our members are our best endorsers.”
In fact, this year marks one of the strongest on record for Navy Federal. Membership surpassed four million and assets increased beyond $50 billion. Dawson attributes the surge in membership to the credit union’s promise of financial partnership and support to its military and DoD families, which correlates to its steady rankings in quality member service. “We continue to grow, yet maintain a high priority on meeting our members’ expectation of personalized service,” says Dawson. “It’s a part of our service tradition.” Navy Federal remains a trusted haven for its members, despite the challenges of the economy. The credit union’s score was significantly higher than the four largest ACSI-measured banks, a trend repeated over the last few years.
The ACSI scores are based on factors such as member expectations, perceived quality and perceived value, and are ranked on a scale of 0 to 100.
About ACSI: The American Customer Satisfaction Index is a national economic indicator of customer evaluations of the quality of products and services available to household consumers in the United States. Data from interviews with approximately 70,000 customers annually are used as inputs into an econometric model to measure satisfaction with more than 225 companies in 47 industries and 10 economic sectors, along with over 200 services, programs, and websites of approximately 130 federal government agencies.
First published in October 1994, the Index was founded at the University of Michigan’s Ross School of Business and is produced by ACSI LLC. ACSI results are released on a monthly basis, with all measures reported using a 0 to 100 scale. ACSI data have proven to be strongly related to a number of essential indicators of micro and macroeconomic performance. For example, firms with higher levels of customer satisfaction tend to have higher earnings and stock returns relative to competitors. Stock portfolios based on companies that show strong performance in ACSI deliver excess returns in up markets as well as down markets. At the macro level, customer satisfaction has been shown to be predictive of both consumer spending and gross domestic product growth.
About Navy Federal Credit Union: Navy Federal Credit Union is the world’s largest credit union with $51 billion in assets, four million members, 227 branches and a workforce of over 10,000 employees worldwide. The credit union serves all Department of Defense military and civilian personnel and their families. For additional information, visit www.navyfederal.org.
Contact: Michele Townes
Phone: (703) 206-3828
SOURCE Navy Federal Credit Union