Q1 2016 credit union industry benchmark released, new member average improving
CHICAGO, IL (May 18, 2016) — As of 1st quarter 2016 data, the Credit Union Industry Average Relationship NPS© improved slightly to 60.85 compared with banks’ overall average of 35, according to the 2015 Satmetrix report.
In addition to the overall relationship average remaining strong, one of the specific channel scores, New Member, has been steadily improving over the last several quarters. In the past, the New Member experience was one of the lowest averages in the benchmark but as you can see in the chart below, that is no longer the case. The recent improvement and narrowing of the New Member range coincides with a number of participating credit unions focusing on enhancing the experience of new members.
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.
“As credit unions continue to focus on the member experience and share best practices to improve, we expect to see narrower ranges in other channels beyond the new member experience,” said Rebecca Secor, CXO of Member Loyalty Group. “Identifying opportunities for improvement throughout the member journey is one of the ways we help participants act on member feedback.”
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 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®.
Net Promoter, NPS, and Net Promoter Score are trademarks of Satmetrix Systems, Inc., Bain & Company, Inc., and Fred Reichheld.
