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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."
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