Credit unions can and do differentiate based on service
According to the recently released 2015 Temkin Experience Ratings, USAA and credit unions tied for the top spot in banking customer experience, each with a rating of 81%, putting them in 8th place overall out of 293 companies across 20 industries. Credit unions (which is a rating for a group of credit unions, not one company) have earned the highest ranking for banks over the past four years.*
Good News, But Signals to Increase Our Efforts Remain
This confirms what credit unions have asserted for years, that we can and do differentiate based on service. The bad news? Banks as a whole have turned a positive corner in the customer experience arena. And this improved loyalty among banking customers signals the need for increased efforts within credit unions to differentiate the experience we provide, as well as the products we offer.
Satmetrix also released its 2015 US Consumer Benchmark this month. The NPS© average for the Banking industry improved from 34 in 2014 to 35 in the most recent study. This year also marks the first time since 2011 that all of the banks in the study earned a positive NPS©. In previous years, one or more banks studied had a higher percentage of Detractors than Promoters, giving them a negative NPS©.
As an industry, credit unions continue to earn strong, consistent Net Promoter Scores© that are significantly above the overall bank average. However, the banking industry is beginning to earn more stable, consistent NPS©, as well. The gap in performance between the Banking and Credit Union industries remains the same as a year ago.
As shown in the chart above, the CU Industry Average Relationship NPS© improved slightly in Q1 2015, coming in at 60.79. The top and bottom quartiles also improved over last quarter, indicating stronger overall performance this period. The CU Industry Average NPS© for Branch, Remote Service and New Product also improved this quarter, somewhat recovering from declines last period.
Interested in learning more about how the credit union industry is performing? Request your complimentary copy of the newly released Q1 2015 Member Loyalty Group Benchmark overview.
You can also learn more about Member Loyalty Group’s Voice of the Member programs by visiting www.memberloyaltygroup.com or contacting us at info@memberloyaltygroup.com.
*Source: Temkin Group, www.temkinratings.com. The 2015 Temkin Experience Ratings ranks the customer experience of 293 companies across 20 industries based on a survey of 10,000 U.S. consumers, were recently released.
