The Customers Speak: Survey Helps Fed Set Priorities

Late last year, the Federal Reserve System conducted a second National Customer Satisfaction Survey, asking for your feedback on our products and services. With the help of an outside market research firm, we conducted telephone interviews with CEOs at more than 2,500 financial institutions—including 272 CEOs in the Eighth District. We asked participants to rate the quality of our service in our business functions, and the results were encouraging. (See chart.)

Quality of service ratings for the Eighth District

Business Function 2002 Survey Score* 1999 Survey Score* Change
Accounting 63 64 -1
Billing 46 41 +5
Cash 70 72 -2
Check—Processing 70 61 +9
Check—Adjustments 40 26 +14
Check—Payor Bank Services 63 67 -4
Check—Return Items 48 38 +10
Overall Customer Service 61 60 +1
*Scores represent the percent of responses rating the services as "Excellent" and "Very Good."

Overall, the survey findings told us the following:

  • You see the Fed as a trustworthy, customer-focused national provider of payment services.
  • You perceive FedACH℠ origination and receipt, Fedwire® Funds and Securities Services, and account manager knowledge of Fed products and services as strengths.
  • You believe our FedACH and Fedwire consolidation efforts were successful—a success we will try to mirror in future consolidations.
  • You cited noticeable improvements in Fed service areas, such as check processing and adjustments, despite tremendous industry challenges we have faced in recent years.
  • You are still not completely satisfied with DOS-based FedLine® (an opinion expressed in previous surveys). We will continue to develop and enhance FedLine® for the Web applications to ensure we offer flexible, yet secure replacements for all DOS-based FedLine services.

After the 1999 survey, we took action to improve service, and it's clear that those improvements have had an impact in some of our service areas. Over the coming months, we'll identify more improvement opportunities and key priorities for the future—and we'll keep you informed of our efforts along the way. Thanks for letting us know how we're doing!

FedACH, Fedwire and Fedline are either registered or unregistered trademarks or service marks of the Federal Reserve Banks.


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