How Big Changes Can Impact Credit Unions’ NPS
New Research Brief Highlights Impact of “Big Changes” on Loyalty, Explores How Credit Unions Can Effectively Manage Change
CHICAGO, IL (June 12, 2013) Member Loyalty Group, the exclusive provider of the Satmetrix Net Promoter Score® (NPS) program to the credit union industry, recently shared examples of how big changes can impact NPS and why some credit unions are able to recover loyalty more quickly or even minimize impact to NPS during a period of change. The definition of “big changes” includes mergers and key member-facing conversions (such as online banking or bill pay overhauls) along with other scenarios like new fees, branch closures and major staff changes.
The chart below shows the trend lines for several different credit unions. The green line demonstrates the dramatic impact that a “big change” can have on an organization’s NPS and the gradual “rebound” period that follows. The other organizations show more moderate dips and faster rebounds. The new research brief, “How Big Changes Impact NPS” published by Member Loyalty Group explores why some credit unions are able to “recover” more quickly or even maintain a higher NPS throughout a period of change.
“Credit unions that plan for both the emotional and procedural aspects of change have been able to recover, and in some cases, even grow member loyalty during large-scale transitions,” said Michelle Bloedorn, CEO of Member Loyalty Group. “As organizations, we’re typically very good at planning for the process side of changes like mergers or online banking conversions. What this research brief explores is the importance of handling members’ emotional responses to change to ensure that their experiences with the credit union are still seen as positive despite being different.”
The new research brief is available online at www.memberloyaltygroup.com and also discusses how external factors can impact credit unions’ Net Promoter Scores.
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. 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 over 30 credit unions, many of which are over $1 billion in assets, across the country. For more information visit www.memberloyaltygroup.com.