2015 Internal Service Benchmark for the credit union industry released, two-thirds of participants see improvement in service levels
CHICAGO, IL (November 21, 2015) — Member Loyalty Group, the CUSO best known for its industry benchmark for external service and Voice of the Member program, recently released its Fall 2015 Internal Service Benchmark. MLG’s Internal Service Survey program was launched in late 2011 to help credit unions measure, manage and take action on employee feedback. Each participating institution uses the same methodology and asks consistent questions of employees to determine Net Promoter Scores and collect feedback at a departmental level.
“This internal service survey program allows participating credit unions to accurately gauge how well each department is serving other employees and make changes to strengthen the organization and ultimately improve the member experience,” says Michelle Bloedorn, CEO of Member Loyalty Group. The benchmark also ensures that participants understand their scores relative to other credit unions utilizing the same methodology.
According to the Fall 2015 Benchmark, the overall Internal Net Promoter Score for all participating credit unions increased to 70.46 from 67.23 in Spring 2015. This increase was driven by 2/3 of the credit unions increasing their scores by focusing on improvement across the organization.
“Many credit unions require their departments to create action plans for improvement based on the feedback received and communicate those plans across the organization, which helps establish accountability,” shared Jake Foreman, Program Director. “Some credit unions have even created service level agreements within each department. Additionally, many credit unions are setting goals around internal NPS and holding department managers accountable to these goals.”
This laser-like focus on improving internal service is paying dividends for many of the credit unions participating in the program. These participants are seeing tremendous improvement within their departments and their departments are anxious to see the next round of results so they can identify further opportunities.
The chart below shows the broad range of overall scores by credit union.
For more information about Member Loyalty Group’s Internal Service Survey program, credit unions should visit www.memberloyaltygroup.com or contact info@memberloyaltygroup.com.
About Member Loyalty Group
Member Loyalty Group is a CUSO formed by leading credit unions in 2008 to develop a common member loyalty benchmark for the credit union industry and is the 2012 winner of NACUSO's Collaboration & Innovation Award. The CUSO has an exclusive relationship with Satmetrix, the Net Promoter® company, to provide credit unions with the most effective tools for managing a Net Promoter® program to collect and act on member feedback that increases loyalty, growth and retention. Member Loyalty Group serves nearly 100 credit unions, many of which are over $1 billion in assets, across the country. For more information visit www.memberloyaltygroup.com
About Net Promoter®
Net Promoter® is both a customer loyalty metric and a discipline for using customer feedback to fuel profitable growth in your business. Net Promoter® has been embraced by leading companies worldwide as the standard for measuring and improving customer loyalty. Financial Institutions obtain their Net Promoter Score® by asking customers a simple question on a 0 to 10 rating scale: “How likely is it that you would recommend the organization to a colleague, family member or friend?” Based on their responses, consumers can be categorized into one of three groups: Promoters (9-10 rating), Passives (7-8 rating), and Detractors (0-6 rating). The percentage of Detractors is then subtracted from the percentage of Promoters to obtain a Net Promoter Score®.
Net Promoter, NPS, and Net Promoter Score are trademarks of Satmetrix Systems, Inc., Bain & Company, Inc., and Fred Reichheld.
