Financial Update (Fourth Quarter 2003)


 Check 21 Act

 Education Summit

 Fed Customer
 Satisfaction Survey

 Guynn Foresees
 Balanced Growth

 FHLB Mortgage

 New Atlanta Fed
 Chair and Deputy

 Debut of new $20

 Online guide for
 bank applications


 Data Bank

 Circular Letters



Fed Customer Satisfaction Survey
Finds Improvements

The Federal Reserve System conducted a national customer satisfaction survey to explore customer perceptions of the Federal Reserve’s 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 Fed’s ongoing effort to assess the quality of its products and services; a similar survey was conducted in 1999.

Survey results
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.

Looking ahead
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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