CHICAGO — Member Loyalty Group said $1.1 billion Credit Union of Colorado is the latest credit union to use the CUSO's organization-wide Net Promoter program.
Member Loyalty Group, a CUSO formed by credit unions in 2008 to develop a common member loyalty benchmark for the CU movement, said not only does it measure a credit union's Net Promoter Score, the CUSO's "voice of the member" program allows credit unions to take action on member feedback so they can create exceptional member experiences consistently.
"Our credit union's focus is on providing superior member service and connecting with members," said Terry Leis, CEO of Denver-based Credit Union of Colorado. "Member Loyalty Group's program provides trustworthy and actionable data we can share throughout the organization so that we can improve everyday service and drive long-term growth."
According to Member Loyalty Group, Net Promoter is both a customer loyalty metric and a discipline for using feedback to fuel profitable growth. Net Promoter has been embraced by many companies worldwide as the standard for measuring and improving loyalty. Financial Institutions obtain their Net Promoter Score by asking members/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.
