California Bank & Credit Union Customer Experience Rankings Prime Performance 2011 California Bank & Credit Union Survey

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1 California Bank & Credit Union Customer Experience Rankings Prime Performance 2011 California Bank & Credit Union Survey Jim S Miller President, Prime Performance

2 Overall Experience Ranking: Prime Experience Index (PXI)* Rank Golden 1 Credit Union: 1 7 Bank of the West: 2 68% Union Bank: 3 6 U.S. Bank: 4 5 Wells Fargo: 5 5 Citibank: 6 48% Chase: 7 4 Bank of America: 8 3 State Average 5 Other Credit Unions 7 Other Banks 6 To learn more about the PXI, visit 2

3 Overall Satisfaction With Service Golden 1 Credit Union: 8 88% Bank of the West: 8 8 Union Bank: 8 0% 8 U.S. Bank: 68% 7 Wells Fargo: 6 68% Chase: 58% 8% 6 Citibank: 58% 6 Bank of America: 5 6 State Average: 68% 7 Other Credit Unions: 8 8 Other Banks: 7 80% (% Dissatisfied) (% Satisfied) 3

4 Likely to Recommend Golden 1 Credit Union: 8 88% Bank of the West: 7 8 Union Bank: 68% 6 U.S. Bank: 60% 6 Citibank: 50% 5 Wells Fargo: 4 8% 58% Chase: Bank of America: % State Average: 5 8% 6 Other Credit Unions: 8 8 Other Banks: 6 7 (% Unlikely) (% Likely) 4

5 Likely to Come to the Bank First For Additional Products or Services Golden 1 Credit Union: 6 7 Union Bank: 50% 58% U.S. Bank: 4 5 Bank of the West: 4 5 Wells Fargo: 40% 1 5 Citibank: Chase: Bank of America: State Average: Other Credit Unions: 7 7 Other Banks: (% Unlikely) (% Likely) 5

6 Effective at Meeting Your Financial Needs Golden 1 Credit Union: 7 8 Bank of the West: 6 7 Union Bank: 6 68% U.S. Bank: 5 6 Wells Fargo: 50% 5 Citibank: 50% 5 Chase: Bank of America: 38% 1 4 State Average: 5 8% 6 Other Credit Unions: 7 7 Other Banks: 6 7 (% Not Effective) (% Effective) 6

7 Doing What is in Your Best Interest Golden 1 Credit Union: 6 7 Bank of the West: 6 6 Union Bank: 4 5 U.S. Bank: 40% 1 5 Wells Fargo: % Citibank: % Chase: Bank of America: 18% 2 3 State Average: Other Credit Unions: 7 7 Other Banks: 60% 8% 68% (% Dissatisfied) (% Satisfied) 7

8 Making it Easy to do Business With Golden 1 Credit Union: 8 8 Bank of the West: 7 8 Union Bank: 7 7 U.S. Bank: 70% 7 Citibank: 6 6 Wells Fargo: 6 6 Chase: 5 6 Bank of America: 5 60% State Average: 6 7 Other Credit Unions: 80% 8 Other Banks: 7 78% (% Not Easy) (% Easy) 8

9 Providing Friendly Service Union Bank: 8 8 Golden 1 Credit Union: 8 8 Bank of the West: 7 8 U.S. Bank: 7 7 Citibank: 7 7 Wells Fargo: 7 7 Chase: 6 7 Bank of America: 5 6 State Average: 7 7 Other Credit Unions: 8 8 Other Banks: 8 8 (% Not Friendly) (% Friendly) 9

10 Satisfaction with Branches Union Bank: 8 0% 8 Golden 1 Credit Union: 8 8 U.S. Bank: 8 8 Citibank: 80% 8 Bank of the West: 80% 8 Wells Fargo: 7 80% Chase: 7 78% Bank of America: 6 8% 7 State Average: 78% 8 Other Credit Unions: 9 9 Other Banks: 8 88% (% Dissatisfied) (% Satisfied) 10

11 Satisfaction with Phone Representative Golden 1 Credit Union: 7 8 Union Bank: 7 7 Bank of the West: 6 8% 7 U.S. Bank: 6 7 Wells Fargo: 5 8% 6 Chase: 50% 1 6 Citibank: % Bank of America: State Average: 5 68% Other Credit Unions: 8 8 Other Banks: 7 7 (% Dissatisfied) (% Satisfied) 11

12 Satisfaction with Automated Phone System (IVR) Golden 1 Credit Union: 70% 7 U.S. Bank: 6 7 Bank of the West: 6 70% Union Bank: 60% 70% Chase: Citibank: 38% 18% 5 Wells Fargo: Bank of America: State Average: % Other Credit Unions: 7 7 Other Banks: % (% Dissatisfied) (% Satisfied) 12

13 Satisfaction with ATMs Golden 1 Credit Union: 88% 9 Wells Fargo: 8 8 Union Bank: 8 8 U.S. Bank: 80% 8 Chase: 78% 8 Citibank: 7 7 Bank of America: 7 80% Bank of the West: 7 80% State Average: 80% 8 Other Credit Unions: 8 88% Other Banks: 7 8 (% Dissatisfied) (% Satisfied) 13

14 Satisfaction with Internet Banking Union Bank: 9 9 Golden 1 Credit Union: 8 9 Citibank: 8 88% Chase: 8 8 U.S. Bank: 8 8 Wells Fargo: 8 8 Bank of America: 7 7 Bank of the West: 6 10% 7 State Average: 8 8 Other Credit Unions: 9 0% 9 Other Banks: 78% 8 (% Dissatisfied) (% Satisfied) 14

15 Satisfaction with Mobile Banking Chase: 6 7 Wells Fargo: 5 6 Bank of America: State Average: (% Dissatisfied) Only Chase, Wells Fargo and Bank of America had enough responses for Mobile Banking (% Satisfied) 15

16 Percent of Customers with Problems or Complaints in the Last 12 Months Bank of the West 1 Union Bank 1 Wells Fargo 1 U.S. Bank 1 Golden 1 Credit Union 18% Citibank 20% Bank of America 2 Chase 2 State Average 18% Other Credit Unions Other Banks 1 % Had Problems/Complaints 16

17 Methodology DATA COLLECTION: Wave 1: May 2011 Wave 2: August September 2011 METHOD: SAMPLE SIZE: SAMPLE: SCORING: BANK CATEGORIES: Online survey 2,353 adults living in California with a primary banking relationship. A total of 2,353 interviews were conducted in the U.S. Sampling error cannot be calculated for surveys that use a self-selected online panel of respondents. If this sample had been conducted among a fully random sample, the estimated margin of error for sample would be ±1.6 percentage points at the 9 confidence level. Overall rank is based on the Prime Experience Index (PXI). The PXI is the average Net Score of four questions; overall satisfaction, likely to recommend, likely to come back for future financial products and services, and effective at meeting needs. For more on the PXI, visit Consumers selected responses along a seven-point scale. Positive responses are the percent of individuals selecting one of the top two boxes (6 or 7). Negative responses are the percent of individuals selectingoneofthebottomthreeboxes(1,2or3).thenetscoreisthepercentofpositive responses minus the percent of negative responses. To be ranked, a bank or credit union needed a minimum of 70 surveys. Overall, ranked banks averaged 218 surveys. Surveys for institutions with less than 70 surveys are not included in the rankings and are reported in the Other Banks or Other Credit Unions categories. About Prime Performance Prime Performance works exclusively with financial institutions to help reduce customer attrition, increase share of wallet, grow market share and improve profitability by developing and implementing a superior client experience. Since 1989, we ve been pioneers in measuring client satisfaction and converting that data into comprehensive, actionable plans for improving client experience. We know that service creates loyal clients. We also know that loyal clients are more profitable clients. How do we know this? Because we ve spent over 20 years talking to millions of people about what they want from their financial institution and what keeps them coming back. If you re looking to improve your firm s bottom line, let Prime Performance put this knowledge to work for you. About the Author Jim S Miller is the President of Prime Performance. Jim has worked for some of the nation s largest financial institutions, including SunTrust Bank, Bank One and NationsBank. Through senior roles in marketing, finance, market research, customer analytics, incentive management and retail administration, Jim has acquired a broad understanding of the many challenges faced by financial institutions. During Jim s 20+ years in the financial services industry Jim has had a unique view into how the actions of front-line employees affects the behavior of clients which ultimately drives an organization s bottom line. It is his personal mission to empower financial institutions to realize their full potential.by improving their client experience. Jim majored in Finance at The College of William and Mary and earned his MBA from The University of Virginia s Darden Graduate School of Business Administration. Jim now calls Boulder, CO home. To learn how we can assist you, contact: Jim S Miller (800) jim.miller@primeperformance.net 17