Member Loyalty Group releases first internal service benchmark for the credit union industry
CHICAGO, IL (November 7, 2013) — Member Loyalty Group, the CUSO acclaimed for its industry benchmark for external service via the Net Promoter Score, recently released its first 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.
“In order to create exceptional service experiences for members, it is crucial that the entire organization is working effectively as a team,” said Michelle Bloedorn, CEO of Member Loyalty Group. “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.”
The benchmark also ensures that participants understand their scores relative to other credit unions utilizing the same methodology. The overall internal Net Promoter Score for all participating credit unions averaged 58.32%, with the highest ranked credit union at 69.90% and the lowest at 43.03%. “Comparing your overall NPS and department level scoreswith others can help your credit union set realistic goals and focus on the areas with the greatest room for improvement,” shared Bloedorn. The chart below includes the top 5 departments by NPS based on
the new benchmark.
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 over 40 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.