Navy Federal Credit Union is Sweeping the Board when it comes to Customer Experience Awards
Customer experience is one of the biggest differentiators people consider when choosing a financial institution to do business with. Customers today don’t just want to know the brands they trust are going to treat their money well, but that they’re also going to treat them well.
This is why so many companies place customer experience at such a high priority. Customers are looking for more than a baseline experience when they choose a financial brand, they want that company to think outside of the box and make their lives more convenient, less frustrating, and, in some cases, fun.
However, knowing which brands are exceeding expectations when it comes to customer experience can be a mine field which is why there are so many independent bodies around to dole out awards to those companies they feel are going above and beyond the call of duty.
Navy Federal Credit Union
Headquartered in Vienna, Virginia, and chartered and regulated under the authority of the National Credit Union Administration, Navy Federal Credit Union is the biggest – both in terms of membership and asset size – natural member credit union in the entire United States of America.
Navy Federal Credit Union has achieved this scale of business by putting customer experience at the forefront of everything it does.
This is why in 2021, the company was awarded the number one spot in Forrester’s annual CX Index Survey as an industry leader for the sixth consecutive year. The credit union was once again named a CX Elite brand (meaning it ranks in the top 5% of all companies surveyed) and took the lead for customer experience among credit card issuers.
"The members’ experience is the focus of everything we do – whether it’s visiting a branch, calling our 24/7 contact center or using our digital channels. Our entire team is committed to continuously improving the experience in every way possible," said president/CEO of Navy Federal Credit Union, Mary McDuffie. "This recognition is further evidence that our focus on our members really does make a difference."
The Forrester CX Index Survey ranks multichannel banks and credit unions in categories such as customer/member service, clear communication, transparency when it comes to prices, rates, and fees, and recommendations from customers/members, with Navy Federal ranking highest in all. Navy Federal also topped the customer/member experience and most recommended by customers/members categories in the Credit Card Issuer ranking.
"Part of what makes our team so exceptional is they truly listen to your feedback," said Navy Federal Credit Union in a press release. "We’re constantly working to improve your experience by making sure we know what you want and continuing to expand our branch network so we’re where you need us. Our promise to you is that we’ll continue to raise the bar on your customer experience. Thanks again for making us #1 for Customer Experience Among Multichannel Banks/Credit Unions and for your loyalty and trust."
Award Winning Customer Experience
One of the Navy Federal customer experience features which has been recently lauded was the introduction and subsequent enhancement of its proprietary cash rewards credit card.
The card provides competitive and transparent rates and fees, including 9.65%-18.00% variable APR for purchases and balance transfers., no annual fees, no balance transfer fees, no foreign transaction fees, and no cash advance fees. On top of this the card was recently upgraded to provide new and existing cardholders with the opportunity to earn up to 1.75% cash back on every purchase they make with it.
Adding further value to this product and the experience associated with it were new smartphone app features, such as payment reminder notifications, rewards redemption, improved card payment options, and a new credit card application experience.
"We’re proud of the many ways our team serves each and every member on a daily basis," said Assistant Vice President of Credit Card Products at Navy Federal, Gabrielle Mizerak. "We aim to always offer card products and resources that really fit the unique lifestyles and financial goals of our membership base, while providing exceptional member service. Looking ahead, we’re excited to continue to maintain our best-in-class status across our credit card offerings this year and bring even more value to our members."
Final Thoughts
Being at the top of your game for customer experience requires a long-term dedication to the idea. Some brands may be satisfied with one off promotions or flash-in-the-pan ideas, but brands such as Navy Federal Credit Union get recognized time and time again because they show consistent and continuing commitment to customer experience.
You can hear Navy Federal Credit Union SVP of Marketing & Communications, Pam G. Piligian speak at CXFS 2022, being held in July at the Renaissance Boston Waterfront Hotel.
Download the agenda today for more information and insights.