Credit Union Loyalty Benchmark Hits All-Time High
Member Loyalty Group’s credit union industry loyalty benchmark hit an all-time high in Q1 2017. According to the CUSO’s exclusive quarterly report, the Credit Union Industry Average Relationship NPS© was 61.33 compared with banks’ overall average of 35, according to the 2016 Satmetrix report. As you can see in the chart below, the first quarter of 2017 also showed a tighter range of loyalty scores compared to past reporting periods.
“Over the past several years, a number of our participants have made big changes to improve the member experience,” said Michelle Bloedorn, CEO of Member Loyalty Group. “Online banking and other major conversions can cause loyalty scores to decrease initially, however we typically see those scores rebound and increase to even higher levels as members get used to the new systems and experience their benefits firsthand.”
Member Loyalty Group, a leading CUSO formed to help credit unions implement and perfect organization-wide Member Experience programs, has collected over 3 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.
For more information about Member Loyalty Group’s Member Experience program or to request a complimentary copy of the latest credit union industry benchmark overview, please contact us at [email protected].
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 110 credit unions, many of which are over $1 billion in assets, across the country.
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.