Credit unions excel in consumer lending member service
DENVER, CO (May 16, 2017) — Research conducted by MemberXP confirms that credit unions provide an exceptional consumer lending experience for their members. Among MemberXP client credit unions who measure the consumer lending experience via our omni-channel voice of member suite:
- 50% had a Net Promoter® Score of 80 or better
- 50% also had a Member Effort score of 6.5 or better out of 7
Net Promoter refers to the net percentage of members that would recommend a credit union to a friend or family member versus those who would not be likely to recommend. Member Effort scoring is a measurement of how easy and effective the credit union’s products and services are to use. Few businesses, not just credit unions, can claim a Net Promoter® Score of 80. Even fewer can sustain a Member Effort score of 6.5 or better. The fact half of credit unions studied achieved both, shows consumer lending at a credit union is generally one of the best consumer experiences in any industry.
“Credit union members tell us the lending process at their credit union was painless and quick,” said Julie Dumstorff, MemberXP’s Voice of Member Program Director. “Our analytics allow credit unions to evaluate every touchpoint on the lending journey and members tell us that in most credit unions, origination, processing, and disbursement are all seamless.”
Having an easy lending process drives loyalty, but the high Net Promoter® score credit unions achieve for lending shows members have an emotional attachment as well.
“Being willing to tell your network about the credit union’s loans means that members are more than impressed by a quick process. They also have a level of trust based on the advocacy role of credit union lending officers,” says Dumstorff, “The consumer lending process at most credit unions is truly the perfect mix of great processes and great people.”
MemberXP is the largest provider of credit union direct member feedback via mystery shopping in the United States. As a leader in industry-specific benchmarking and the nation’s highly-rated credit union member experience measurement services, MemberShoppers and MemberView, MemberXP provides actionable research to credit unions in their pursuit of brand differentiation via its omnichannel voice of member service with built-in member effort and promoter scoring. MemberXP serves credit unions of all sizes, ranging in asset sizes of $100 million to $6 billon. To learn more, visit www.memberxp.com .