Navy Federal Surpasses Four Largest U.S. Banks 2014 American Customer Satisfaction Index (ACSI)
VIENNA, Va., Nov. 18, 2014 /PRNewswire-USNewswire/ -- Navy Federal Credit Union surpassed banking industry averages and topped the four largest banks in the country in customer satisfaction, customer expectations, perceived quality, perceived value, and customer expectation. The credit union scored 88* in overall ACSI customer satisfaction, where the average bank score fell at 76. This marks the eighth straight year the credit union has participated in the ACSI—once again consistently outpacing banks and other power brands such as Amazon, Apple, and Coca-Cola.
Navy Federal exceeded reported industry averages in the categories of expectation, quality and value by seven or more points. "We're proud that this year's score is one of the highest in our history. We constantly assess how much our members value our service, and use that as an indicator of where we can improve," said Navy Federal President and CEO, Cutler Dawson. "The ACSI score is an important marker of where our strengths lie and how we can consistently deliver exceptional service as we grow."
Membership at Navy Federal surpassed five million this year and loan origination growth exploded in the second quarter. Dawson credits a blend of organic growth and competitively priced products with a targeted focus of meeting its members' unique needs. "We truly understand the challenges first-time borrowers and active duty military families face. Our service and products are designed to meet their needs—in turn, they spread the word that we're the top place to trust for their finances."
About Navy Federal
Navy Federal Credit Union is the world's largest credit union with $62 billion in assets, 5 million members, 259 branches, and a workforce of over 12,000 employees worldwide. The credit union serves all Department of Defense and Coast Guard active duty, civilian, and contractor personnel and their families. For additional information about Navy Federal, visit www.navyfederal.org.
About ACSI
The American Customer Satisfaction Index (ACSI) is a national economic indicator of customer evaluations of the quality of products and services available to household consumers in the United States. The ACSI uses data from interviews with roughly 70,000 customers annually as inputs to an econometric model for analyzing customer satisfaction with more than 230 companies in 43 industries and 10 economic sectors, as well as over 100 services, programs, and websites of federal government agencies.
ACSI results are released throughout the year, with all measures reported on a scale of 0 to 100. 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. And, at the macro level, customer satisfaction has been shown to be predictive of both consumer spending and GDP growth.
* This score is based on proprietary research conducted for Navy Federal Credit Union by ACSI in Q3 2014.
Contact: Michele Townes
Corporate Communications
Phone: (703) 206-3828
E-mail: [email protected]
SOURCE Navy Federal Credit Union
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