What is the ROI of my credit union’s Voice of the Member program? This is a question Member Loyalty Group (MLG) hears often from credit union chief executive officers. We hear it so often that understanding the economics and business linkage of your member experience program will be one of the key topics discussed during our next Credit Union Net Promoter Certification course this May 2-3 in New Orleans.
Having collected over 2.5 million member surveys in the past 8 years for 90 credit unions, MLG has gained some insights about the link between Voice of the Member programs based on the Net Promoter score and financial performance.
We recently compared the performance of our participating credit unions with the industry average performance data for all credit unions over $100M in assets in key financial areas.
As the charts below show, those who are actively investing in their Voice of the Member programs continue to outperform the industry significantly in each of the key areas.
Gap in ROA has widened
Over the past five years, the average Return on Assets (ROA) for credit unions participating in MLG’s Voice of the Member program has continued to increase.
The link between Net Promoter Scores (NPS) and higher ROA becomes clearer as you compare the top performing MLG participants (Loyalty Leaders who score in the top quartile of all participating credit unions) with mid-range and lower performers.
Learn more about how higher Net Promoter Scores are linked to membership growth, checking account penetration, net income and expenses by requesting a complimentary copy of our new report.
Our upcoming Credit Union Net Promoter Certification® will also include more in-depth discussions on economics, business linkage and analytics. Consider joining us for this two-day session on May 2-3 in New Orleans!
Net Promoter, Net Promoter Score, and NPS are trademarks of Satmetrix Systems, Inc., Bain & Company, Inc., and Fred Reichheld.