Chicago, Illinois (January 14, 2013) - Member Loyalty Group, the CUSO formed in 2008 to help credit unions implement organization-wide Net Promoter Systems, recently collected its one millionth survey on behalf of participating credit unions. Unlike traditional member surveys, the Net Promoter System provides a continuous stream of actionable data to help credit unions drive strategic decisions, enhance profitability and create more loyal members.
The questionnaire utilized in Member Loyalty Group's solution was developed specifically for credit unions by the co-creators of the Net Promoter Score to help fully understand the multiple drivers of loyalty. The unique system for data collection allows the CUSO to provide participants with detailed, timely, and statistically significant information. “Survey fatique” and other common do-it-yourself errors are prevented by leveraging the world-class Satmetrix® NPS platform. Maintaining a consistent survey methodology across all credit unions results in trustworthy comparisons that provide tremendous insight., creating a reliable loyalty measure & benchmark.
"Our community of participating credit unions has learned so much about what drives member loyalty and overall performance for their organizations," said Michelle Bloedorn, CEO of Member Loyalty Group. "Now that we have collected member feedback from over one million surveys, the depth of our industry benchmark is truly without equal. We are excited to help more credit unions accurately assess their Net Promoter Score and move their organizations forward in 2013."
Both transactional data and overall relationship trends are included in the industry benchmark to help credit unions evaluate and improve their performance in every area of the organization. Credit unions using the platform are able to: tie member feedback directly to bottom line results – through increased operational efficiency, increased product usage, and overall growth; hold staff accountable and evaluate performance at the branch and individual level; drive major management decisions and align organizational priorities with their most loyal members’ priorities; accurately measure & track member loyalty over time; convert dissatisfied members into promoters through closed-loop action alert process; and automate reporting and push alerts to frontline staff so they can act quickly and resolve issues.
About Member Loyalty Group
Member Loyalty Group is a CUSO formed by leading credit unions in 2008 to develop a common member loyalty benchmark for the credit union industry. The CUSO has an exclusive relationship with Satmetrix, the Net Promoter® company, to provide credit unions with the most effective tools for managing a Net Promoter® program to collect and act on member feedback that increases loyalty, growth and retention. Member Loyalty Group serves more than 30 credit unions, many of which are over $1 billion in assets, across the country. For more information visit www.memberloyaltygroup.com.
About Net Promoter®
Net Promoter® is both a customer loyalty metric and a discipline for using customer feedback to fuel profitable growth in your business. Net Promoter® has been embraced by leading companies worldwide as the standard for measuring and improving customer loyalty. Financial Institutions obtain their Net Promoter Score® by asking 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®.