New industry benchmark shows improving new member experience
As a CUSO dedicated to helping our nearly 100 credit union participants enhance member experiences, we are constantly analyzing member feedback data and reviewing industry trends.
As we released our latest benchmark using 1st quarter 2016 data, we noted that the Credit Union Industry Average Relationship Net Promote Score (NPS)© improved slightly to 60.85 compared with banks’ overall average of 35, according to a 2015 Satmetrix report. In addition to the overall relationship average remaining strong, one of the specific channel scores, New Member, has been steadily improving over the last several quarters.
This is exciting news, as the New Member experience used to be one of the lowest averages in our benchmark. However, as you can see in the chart below, that is no longer the case. The recent improvement and narrowing of the New Member range coincides with a number of participating credit unions focusing on enhancing the experience of new members.
As credit unions continue to focus on the member experience and share best practices to improve, we expect to see narrower ranges in other channels beyond the new member experience. Identifying opportunities for improvement throughout the member journey is one of the ways our CUSO helps participants act on member feedback.
Learn more
Request your complimentary copy of the latest benchmark overview today.
You can also learn more about Member Loyalty Group’s Member Experience programs by visiting www.memberloyaltygroup.com or contacting us at info@memberloyaltygroup.com.
