Wachovia Ranks No. 1 in Customer Satisfaction Survey for Fifth Straight Year

Wachovia Bank is ranked No. 1 for the fifth straight year in the American Customer Satisfaction Index (ACSI), a survey of consumer satisfaction conducted by the University of Michigan Business School.

In a report issued today by ACSI, Wachovia set a new benchmark for the industry by earning a customer satisfaction score of 79. That is one point higher than the company scored last year and seven points higher than its closest peer in the study. Wachovia has achieved a 13-point increase in its score since 2000 and now beats the industry average score by four points.

“On behalf of all Wachovia employees, we are so proud to be recognized by our customers once again as the No. 1 bank in the ACSI customer satisfaction survey,” said Gwynne Whitley, Wachovia’s head of Corporate Customer Service Excellence. “We’ll keep working hard every day to make sure we meet our customers’ expectations for unmatched service and advice by listening to their needs and meeting them. We want to continue setting new standards for our industry.”

Wachovia has led the industry in customer satisfaction during a time when it completed two of the largest mergers in its history. In 2003, the company integrated First Union and Wachovia, and in October 2005, Wachovia completed its merger integration with SouthTrust.

“Customers were our No. 1 priority during these two important mergers for our company,” said Whitley. “We think our focus on customers is evident in our steady improvement year over year in customer satisfaction.”

2005 ACSI scores are derived from telephone surveys with a representative sampling of Wachovia customers. Scores are based on a 100-point scale.

Founded in 1994, ACSI is one of the most highly regarded independent measures of how satisfied U.S. customers are with the quality of consumer goods and services. Each quarter, ACSI reports customer satisfaction scores for different sectors of the economy. Financial services and banks are included in the fourth quarter report.

The ACSI is produced through a partnership of the University of Michigan Business School, the American Society for Quality and CFI Group, an international consulting firm.