Fed Customer Satisfaction Survey
The Federal Reserve System conducted a national customer satisfaction survey to explore customer perceptions of the Federal Reserves products and services.
Survey results highlighted a range of issues for the Fed.
In general, the survey found that the majority of customers
see the Federal Reserve as a trustworthy, customer-focused
provider of payment services. In terms of specific Fed products
and customer service, customers identified FedACHSM
origination and receipt, Fedwire®
Funds and Securities Services and account manager knowledge
as real strengths of the Reserve Banks.
The Fed tapped an independent market research firm, Walker Information, to conduct more than 2,500 telephone interviews with randomly selected Fed customers during the fourth quarter of 2002. The results helped identify the strategic priorities the Bank should focus on to continue to meet its customers needs. The survey is part of the Feds ongoing effort to assess the quality of its products and services; a similar survey was conducted in 1999.
Although the 2002 survey found noticeable improvements in a range of Fed services such as check processing, the results also indicated that customer expectations are on the rise. Other responses cited significant improvements in areas such as check adjustments despite difficult industry challenges in recent years.
Survey results for customer service attributes such as the ability to resolve problems accurately remained relatively unchanged from the 1999 survey despite efforts to improve customer service. The Fed plans to follow up to assess and strengthen performance in these areas.
Regarding future priorities, the survey results pinpointed the need for the Fed to continue to focus its efforts on developing and enhancing FedLine® for the Web applications to ensure flexible yet secure replacements for all DOS-based FedLine services.
The Federal Reserve will use the survey results to formulate best practices and develop formal plans to address the key improvement priorities noted in the research as well as to help meet the challenges that lie ahead for the entire financial services industry.
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