Press
Most banks’ net promoter scores increase in 2014 according to Member Loyalty Group partner
CHICAGO, IL (August 5, 2014) — Member Loyalty Group’s partner, Satmetrix®, the leading provider of cloud-based Voice of the Customer/Net Promoter® Software for companies of all sizes, recently released its 2014 Net Promoter Industry Benchmarks. The reports rank more than 219 brands across 22 U.S. industry sectors, including financial services.
Consumer confidence in financial institutions continued to improve in the 2014 banking benchmarks, with 19 of the 22 banks represented showing increased scores from 2013.
Notably, Bank of America’s surge in loyalty continued for the second year in a row, with a 20 point increase in NPS in 2014, following a 25 point increase in 2013. This dramatic jump in loyalty has brought the bank up from worst performer in 2012 to sixth place out of the 14 banks included. The bank improved its ratings on important key drivers including company reputation, overall value for money, acting in customers’ best interests, and safety and trustworthiness.
“This information should be a wake up call for credit unions who don’t regularly evaluate their Member Experience,” said Michelle Bloedorn, CEO of Member Loyalty Group. “As an industry, credit unions cannot assume that member loyalty is a given when banks and other competitors are actively investing in improving their customer experience. Especially their online & mobile banking experience.”
Member Loyalty Group’s 2nd quarter benchmark showed the average relationship Net Promoter Score for their participating credit unions was 56.55, which was significantly higher than the bank average. For more information about Member Loyalty Group’s Net Promoter program and credit union industry specific benchmark overview, 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 60 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.