Financial Update (January-March 1996)
Customers Rate Atlanta Fed 'Very Good'
Asking customers their opinions is a popularand usefulmarketing tool. The Federal Reserve Bank of Atlanta, like other financial services providers, depends on customer feedback to assess the quality of its services and products.
So in November, the Atlanta Fed asked 483 institutions in the Sixth District to participate in a customer satisfaction survey. The Bank received 340 completed surveys15 from personal interviews, 113 from telephone surveys, and 212 from mail-back questionnaires.
The survey posed questions on the level of satisfaction, on a five-point scale from excellent to unsatisfactory, in eight major service areas: accounting, cash, check processing, electronic checks, automated clearinghouse (ACH), funds transfers, Fedline, and securities. Banks, savings and loans, and credit unions were asked to respond either by mail, telephone, or in person.
Overall, the District averaged a score of very good or slightly below very good in seven of the eight services (see chart).
The survey asked customers to rate various areas within each service. For example, survey respondents rated the timeliness of electronic check transmissions, responsiveness of staff, and the accuracy of information. In addition to rating specific services, institutions were given the opportunity to offer comments.
The Atlanta Fed looks to its customers for ideas about improving or adding services, so grading performance and assigning customer satisfaction ratings to each service are only the beginning. Service areas in each branch are making changes that address suggested improvements, and Bank employees are following up on specific comments in such areas as notification of errors in cash services, timeliness of resolving check adjustments, Fedline training, and enhancements in certain accounting departments.
The comprehensive survey will serve as a benchmark for measuring and comparing future customer satisfaction survey results.
(Averaged Product Scores)