CHICAGO – The Members Loyalty Group released its first quarter Net Promotor Score benchmark results for member satisfaction.
The results, pulled from surveys among 10,000 credit union members, show the relationship NPS for credit unions to be quite high. The average credit union industry score is 55%, nearly five times that of the average bank NPS of 11% as reported in the Satmetrix Net Promoter Benchmark 2009 for Financial Services - Banking.
"Our top priority has been to develop standard loyalty metrics using Net Promoter Score, as many credit unions have been measuring loyalty, but the methodology was not consistent across the industry," said Michelle Bloedorn, executive director of The Member Loyalty Group. "Credit unions can use this benchmark as the key member loyalty or service measure on all organizational scorecards. It is critical that it be as reliable as return on assets and other metrics vital to managing the business."
The Member Loyalty Group partners with Satmetrix for its on-going research to develop the member loyalty standard metrics and transaction surveys. Satmetrix, in conjunction with Fred Reichheld of Bain & Company, co-developed the Net Promoter Score to measure customer loyalty across hundreds of organizations.
Member Loyalty Group is a year-old CUSO started by: Addison Avenue FCU, America First CU, Baxter CU, Boeing Employees CU, Educators CU and San Francisco Fire CU.
