CHICAGO–Credit unions remain well ahead of banks in terms of Net Promoter Score and overall member experience today.
According to Q2 data released by Member Loyalty Group, the credit union industry average relationship NPS continued to be strong at 59.63 compared with banks' overall average of 35. However, the banking industry has improved in recent years, narrowing the gap in service experience, the company noted.
Member Loyalty Group is a CUSO that offers Voice of the Member programs and the Satmetrix Net Promoter Software solution to credit unions. It reports it has collected more than 2.1 million member surveys on behalf of participating credit unions. Satmetrix publishes annual Net Promoter Industry Benchmarks, with the company’s 2014 reports ranking more than 219 brands across 22 U.S. industry sectors, including financial services.
"As an industry, credit unions cannot assume that member loyalty is a given when consumers are seeing other companies actively invest in and improve their customer experience," said Michelle Bloedorn, CEO of Member Loyalty Group. "Having the right systems in place to measure, monitor and act on member feedback is vital."