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Filene report CUs inspire more loyalty
MADISON, Wis. (3/22/10)--Credit unions consistently and significantly outperform banks in key areas including: quality of support, value, ease of conducting business and products and services, according to the Filene Research Institute. In Filene’s latest report, credit unions continue to improve in their Net Promoter Score (NPS), a loyalty measure for increasing member retention, repurchase and referral. Exploring Ongoing Member Loyalty: Net Promoter in Credit Unions shows not only that credit unions often engender more loyalty than regional and national banks, but how many of them do it. The report found that credit unions perform better when they measure loyalty and use the findings to drive change to improve the member experience. The report highlights case studies to illustrate how credit unions use Net Promoter to gain market share by focusing on what is most important to members. The authors, Dr. Laura Brooks, vice president of research and consulting at Satmetrix, and Michelle Bloedorn, executive director of the Member Loyalty Group, explore how credit unions create customer loyalty and deploy best practices by measuring NPS, which weighs a company’s promoters against its detractors. The report provides credit union case studies and data from high-performing credit unions. Among the findings:
* Credit unions outperform banks in quality of member service and support, and ease of doing business; * Credit unions that track their member feedback and proactively communicate that to employees influence behavior and improve performance; and * Members who are more likely to recommend the credit union to colleagues and friends are also more likely to hold more accounts, stay with the credit union longer, and be more profitable. Credit unions can increase members’ likelihood to recommend by identifying important member touch points (online, retail, contact center) and then improving these processes to exceed member expectations.
Brooks and Bloedorn say there is still room for credit unions to improve. The best-in-class credit unions used Net Promoter to differentiate their member experience and committed the time and resources necessary to act on the feedback and hold their employees accountable. Exploring Ongoing Member Loyalty: Net Promoter in Credit Unions is available free to members of the Filene Research Institute and is available for purchase by non-members. For more information, use the link.
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