Latest credit union industry benchmark released, over 2.1 million surveys collected by Member Loyalty Group
CHICAGO, IL (August 7, 2015) — Credit unions remain well ahead of banks in terms of Net Promoter Score and overall member experience today. As of 2nd quarter 2015 data, the credit union industry average relationship NPS continued to be strong at 59.63 compared with banks’ overall average of 35. However, the banking industry has improved in recent years, narrowing the gap in service experience.
Member Loyalty Group, a leading CUSO formed to help credit unions implement and perfect organization-wide Voice of the Member programs, has collected over 2.1 million member surveys on behalf of its participating credit unions and is the exclusive provider of the Satmetrix® Net Promoter® Software for the credit union industry. Satmetrix® publishes annual Net Promoter Industry Benchmarks and their 2014 reports rank more than 219 brands across 22 U.S. industry sectors, including financial services.
NPS Stars from Satmetrix 2015 U.S. Consumer Study
Cable/Satellite TV Service
Cellular Phone Service
“As an industry, credit unions cannot assume that member loyalty is a given when consumers are seeing other companies actively invest in and improve their customer experience,” said Michelle Bloedorn, CEO of Member Loyalty Group. “Having the right systems in place to measure, monitor and act on member feedback is vital.”
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®.