Newly released Q3 industry benchmark shows highest average NPS Score on record
CHICAGO, IL (December 4, 2013) — Member Loyalty Group’s latest industry benchmark showed that participating credit unions are making positive progress with the highest average Relationship Net Promoter Score recorded in the CUSO’s five-year history. As of September 30th, the average Relationship NPS was 61.26%. This is a significant increase from the previous quarter’s 58.87% and puts credit unions well ahead of other industries according to data from the CUSO’s partner, Satmetrix.
Forty-five credit unions currently participate in Member Loyalty Group’s organization-wide Net Promoter program to accurately measure their Net Promoter Score and take action on member feedback so that they can create exceptional member experiences consistently. “One of the things that really makes our program unique is the ability credit unions have to share best practices and learn from each other,” said Michelle Bloedorn, CEO of Member Loyalty Group. “This benchmark in particular is exciting as we are seeing credit unions who were previously receiving lower scores narrowing the gap or in some cases even surpassing the industry average because of their focus on Net Promoter and significant member experience efforts.”
Top-performing credit unions also continued to improve during the quarter, with a total of two-thirds of all participating credit unions experiencing an increase in their average Relationship Net Promoter Scores. The Relationship Net Promoter Score measures a member’s overall relationship with the credit union and is not tied to any single transaction. Transactional Net Promoter Scores are also used heavily by participating credit unions to uncover potential issues on a more frequent basis and take action in specific areas.
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 45 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®.