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How NPS Improves Over Time and Why It Matters for Credit Unions

20 December 2024
Gene Teigland
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Categories: Uncategorized

As credit unions continue to focus on enhancing member experience, it’s essential to leverage data-driven insights to make impactful changes. One of the most effective ways to track improvements in member satisfaction is through the Net Promoter Score® (NPS). Recently, Member Loyalty Group (MLG) analyzed credit union data based on program tenure and observed how NPS evolved over time. The results were clear—credit unions that gathered, responded to, and acted upon member feedback saw significant increases in NPS, demonstrating stronger loyalty and engagement.

Understanding NPS Growth Over Time 

When credit unions first implement an NPS program, it’s common to experience lower-than-average scores in the initial stages. As the program matures and credit unions gather and act upon member feedback, their NPS tends to improve. MLG’s analysis revealed that credit unions generally see their NPS increase beginning in the second year of the program, with continued gains as they progress.

What Contributes to NPS Improvement?

Several factors influence whether a credit union’s NPS will improve over time. Successful credit unions typically have systems in place that allow their teams to efficiently gather, share, and act on member feedback across the organization. Here are the key contributors to NPS improvement:

  • Feedback-Driven Culture: Credit unions that cultivate a culture of feedback, where teams regularly share and respond to member input, are more likely to make meaningful changes that enhance loyalty.
  • Open-Ended Feedback: In addition to NPS scores, analyzing open-ended feedback from members allows credit unions to pinpoint specific areas of improvement, leading to more targeted enhancements.
  • Closing the Feedback Loop: Responding to members and closing the feedback loop ensures that member concerns are addressed, reinforcing trust and deepening loyalty.

The Lagging Nature of NPS

It’s important to note that NPS is often a lagging indicator. Changes in member experience may not immediately reflect in NPS, as the score is influenced by a series of interactions over time. A single positive interaction may not instantly boost a member’s NPS if previous experiences were less favorable.

However, by tracking NPS over an extended period, credit unions can identify trends that reflect overall improvements in member satisfaction. ​Investing in a robust member experience program takes time, but the payoff is clear: as credit unions continue to gather and act on member feedback, NPS increases and member loyalty strengthens. If your credit union is looking for ways to improve NPS and overall member satisfaction, leveraging data-driven insights and building a culture of feedback are essential steps toward success.

At MLG, we offer participating credit unions a variety of tools to help them improve their NPS. This includes opportunities to engage in discussions with peers, attend webinars, and learn best practices for managing their member experience programs. Additionally, our Partner Success Team is available to help our credit unions make the most of their feedback, offering insights on how to close the feedback loop and foster member-centricity across all levels of the organization.

Ready to boost your NPS and elevate your member experience? Contact us at [email protected] or current customers may visit our Member Connect platform for insights and tools that can help drive their growth.

Measure and Understand your Digital Experience

7 April 2022
Michelle Bloedorn
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Introducing Digital Experience Analytics (DXA)
Delivering a frictionless digital experience is essential to attracting and retaining members. Creating this experience can be challenging, because the majority of members will leave your site without providing feedback on what was good and bad. Digital Experience Analytics can identify and prioritize the most urgent experience issues impacting engagement across your website and app. Member Loyalty Group is excited to offer this powerful new tool as a complement to our core voice of the member program or as a standalone product for credit unions wanting a deeper understanding of their digital experience.

Learn your Digital Experience Score (DXS)
At the core of Digital Experience Analytics’ technology is the Digital Experience Score (DXS®). DXS is the first validated, universal metric that calculates the quality of every user’s experience on a scale of 0-10.

This intelligence is represented by an overall score, as well as scores for five key pillars of the digital experience: Engagement, Frustration, Form, Technical, and Navigation. These individual scores provide valuable insight on how your site and app are performing.

Know immediately which issues need attention
In the background, Digital Experience Analytics automatically scores and prioritizes the most urgent negative experience issues so you know where to focus.

Pinpoint the cause of issues to improve experiences
Dig deeper to step into your members’ shoes, empathize with their experiences, and identify improvements.

  • Session Replays: Get to the root cause of uncovered anomalies by watching the screen recordings of your online visitors
  • Heatmaps:  Visualize on-page user behavior to increase engagement and conversion
  • Customer Journeys: See the exact paths users take and evaluate their online experiences every step of the way.

To see a demo of the program in action, contact us or request a demo.
To learn about the science behind DXS, read this whitepaper from our partner Medallia.

DXS is a registered trademark of Medallia

Prioritize efforts with Action Intelligence

26 August 2021
Michelle Bloedorn
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Artificial Intelligence built specifically for Experience Management
Credit unions are capturing more experience data than ever before. The ability to detect patterns, anticipate needs and predict behavior is now critical in prioritizing resources and action. Action Intelligence does the heavy lifting, minimizing the need for complex manual analysis.

  • Identify at-risk members needing attention
  • Discover high-impact ideas raised by members and employees

Identify at-risk members
Identify members at risk of leaving, potential detractors, and others in need of immediate attention with greater accuracy than scores alone. By leveraging a member’s comments along with their score, a more accurate assessment of risk takes shape. This allows MX teams and frontline employees to prioritize and tailor follow-up actions.

See high-impact ideas raised by members and employees
Automatically discover suggestions and ideas within individual member and employee feedback. Action Intelligence parses your experience data for suggestions, ordering them by how actionable they are. Armed with this knowledge, credit unions can test new ideas at a faster pace and consistently improve their overall member experience.

To learn more about Action Intelligence or to see the program in action, Contact us or request a demo.

Pull Social Media into your MX view

8 July 2021
Michelle Bloedorn
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A complete view of the Member Experience
The social media component of our program aggregates feedback from numerous social channels and review sites and presents it alongside survey feedback for a unified voice of the member. See comments and ratings from Facebook, Facebook Reviews, Google Reviews, Instagram and Twitter.

  • View scores and trends for the overall organization or by location
  • See local competitor scores and reviews
  • Receive alerts for new or low score reviews, and respond right within the system.

View feedback for the overall organization
See average scores across all social platforms and by specific site. Trends are displayed, along with individual comments. Comments are analyzed for topic and overall sentiment.

See how you compare to the local competition
The Rivals tool of our Social feature allows credit unions to see how their social media scores, rankings and responses compare to other local financial institutions. Credit unions are able to add competitors for the main credit union or even different locations. Commentary for rivals is viewable to help understand the ‘why’ behind competitor scores.

Trigger alerts based on social feedback
Built-in alert workflows make it easy for team members to systematically close the loop with members. Alerts can be triggered to address at-risk members or thank promoters.

Respond directly through the VOM platform
Responding to positive feedback is nice to do, and responding to negative feedback is critical to maintaining trust and transparency. Team members can easily respond to member feedback directly through the system. Responses are posted to the social site from which the feedback originated.

This is just a quick snapshot of our social media feedback integration. To learn more or to see the program in action, Contact us or request a demo.

MX Don’t – Gaming the System

6 August 2020
Gene Teigland
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While visiting a fast-casual restaurant recently, a MLG team member noticed a sign posted in the area where orders are placed. It offered a free menu item to customers giving the location a 5-star review. It read “Give us a 5-star survey and receive your chips or drink after showing proof of completion to the cashier.” It then directed the customer to where they could find the survey code on their receipt.

Working in the field of CX, this immediately raised some red flags. While asking for and even incentivizing a good review may seem like an easy way to guarantee high scores, it can actually have a negative impact in the long run. Why?

  • The ‘feedback’ received isn’t trustworthy or based on real experience. The data provides no real value to legitimate programs designed to improve customer experience and drive change.
  • Scores and the true customer experience won’t line up. In the example above, what if the service was poor but the customer wanted a free drink? Scores may appear (falsely) high for a time, but if the experience doesn’t match, a gap will emerge between ratings and customer comments. This can actually degrade the overall customer experience. Leaders may not become aware of service issues in a timely manner, eliminating their ability to take corrective action.
  • ‘Paying’ for a good review says that you care more about your rating than actually doing the work and providing a great experience. It could turn what would have been a positive review into a more negative one – not the results you want. It may also deter customers from returning, and in the case of a credit union – establishing a long term relationship

Asking for feedback is a key part of managing customer experience. Honest and transparent feedback has the power to transform processes and make companies better. It should be embraced and acted upon to orchestrate the best possible experience for the customer. By gaming the system, the customer becomes a means to an end, not the priority as they should be.

See the future of MX at Experience ’24

6 August 2020
Gene Teigland
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Member Loyalty Group has partnered with the leader in Customer Experience Management tools, Medallia, to offer exclusive credit union access to their global user conference, Experience. This event will take place February 5-7, 2024 at the Wynn Las Vegas.

Attendees will discover:

  • CX industry trends, best practices, and case studies from experts around the world
  • Revolutionary products that are reshaping the experience industry
  • Native AI that exists within the Medallia solutions, and exciting new AI-driven technologies
  • Dedicated, credit union-specific sessions with the MLG team and fellow credit union professionals
  • Connections with industry leaders, experts, and credit union peers

Registration details:

Guests of MLG will receive a discounted rate of $795 with code EXP24MLG.  Upon completion of the registration process, you’ll receive a link to book hotel accommodations with a discounted rate of $299 USD/night plus tax. We hope you can join us for this exciting event!

REGISTER

Speech Analytics

6 August 2020
Gene Teigland
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Categories: Uncategorized

Speech Analytics turns contact center conversations into actionable insights

Your contact center is a critical front line channel to assist and support members. Every conversation between your reps and members contains clues about the quality of the experiences your credit union delivers, but uncovering the meaningful pieces of information within thousands of calls can be a challenge. That’s where Speech Analytics can help.

How does it work?

Speech Analytics works by transcribing and then analyzing audio and video conversations to detect member sentiment, trends, and emerging issues. A combination of AI-based analytic capabilities can identify patterns and insights that may otherwise go unnoticed:

  • Spectral-level speech analytics to detect talk/silence time, overtalk and vocal emotion
  • Transcript-level text analytics to identify the reason for the call, themes/topics, member effort, sentiment and actionable suggestions

Identify issues and accelerate improvements

Call transcripts are full of information on the topics members call in about and why. Speech Analytics uses AI-powered text analytics to identify trends and patterns within individual calls and across contact center interactions. For example, are members getting stuck during a specific application process? Are cards being declined? Could a self-service tool provide assistance with common requests? This data can then be automatically routed to the appropriate team(s) for action.

Optimize operational efficiency

Through real-time analysis, Speech Analytics can detect the most common reasons for member calls, allowing credit unions to streamline call routing and handle times effectively. Receive detailed information on how well your contact centers are operating against key performance indicators, like first contact resolution and average handle time, down to the agent level. By understanding context for each call, you can quickly identify improvements for handling issue response.

Improve the performance of your representatives

Speech Analytics assesses four key attributes throughout conversations between your reps and members:

  • Talk time
  • Silence
  • Overtalk
  • Emotion

These speech attributes, along with the ability to identify strengths and weaknesses via text analytics, allow managers to note areas of needed improvement and provide targeted training and coaching.

Build on your existing CCaaS technology

Many credit unions already have Contact Center technology in place. However, CCaaS vendors typically handle data within the Contact Center only. Speech Analytics can enhance the output by capturing member data both inside and outside of the contact center and sharing it across teams (product, digital, executive, talent management, retail and more). This equips your credit union with clear insights to drive organization-wide change.

To learn more and see Speech Analytics in action, request a demo below.

REQUEST A DEMO