PLANO, Texas (7/25/13)--Members of Catalyst Corporate FCU, Plano, Texas, gave the corporate credit union a Net Promoter Score of 72%--a large uptick from a 2012 score of 64%--in its second annual member satisfaction survey.
The corporate credit union asked its members, "Would you recommend Catalyst Corporate?" This question is at the heart of a Net Promoter Score (NPS) assessment, which has become an increasingly popular tool for companies of all sizes, in nearly every type of industry.
"The Net Promoter Score is a much more rigorous measure than a simple member satisfaction rating," said Kathy Garner, Catalyst Corporate president/CEO. "We chose this methodology because it seemed appropriate, given that we hold Catalyst Corporate, as a member-owned cooperative, to a higher standard of service."
The NPS is calculated using a 0-10 scale by subtracting all of the responses of 1-6 (deemed detractors) from the number of responses of 9-10 (promoters). The resulting number is thought to provide an indication of which responders are so happy with the organization that they would proactively recommend it to others. Research suggests that an organization must have a good net promoter score to grow, and that any positive score is a good result, said Catalyst.
In May and June, Catalyst Corporate surveyed more than 3,000 credit union professionals across its membership of more than 1,200 capitalizing credit unions. "Through this process we learned that the value proposition Catalyst Corporate provides resonates with its members," said Garner.