Net Promoter Score: A winning hand for your financial institution

We are in the midst of strategic planning season.  In talking to CEOs, COOs and other credit union executives across the country about their strategic plans and goals, growth is something they all have in common.  Everyone wants a way to set up sustainable growth now and in the future.  Everyone wants increased profitability, increased household usage, better retention, and more engaged employees at all levels.

There are as many ways to accomplish all of these goals individually as there are financial institutions.  However, a strategy that is effective at accomplishing ALL of these goals collectively is as rare – like a royal flush in poker.  Net Promoter Score is the royal flush for your credit union achieving all of these goals.

Through NPS, asking one simple question and employing a system unique to your organization to track and manage member and employee feedback could be your credit union’s key to this kind of success.

NPS strengthens your culture by engaging your entire organization from bottom to top, aligns departments, breaks down silos, and gets everyone on the same page.  By implementing NPS, there is also a significant increase in trust throughout the organization, resulting in employees working together more frequently and accomplishing meeting member needs more quickly – increasing operational efficiency across the entire institution.

NPS boosts profitability in three ways: increasing retention on the back end, and identifying promoters and recruiting more like them to bank with your credit union.  In addition, members are happier with their experience and therefore more of them borrow and save with your institution and at higher levels.

Members are more loyal because this process enables your credit union to define a unique service experience for members.  They are happier with their service, which decreases attrition and makes them more likely to recommend you to friends and family.

When starting NPS, your organization must be ready to have everyone on board, commit to a lot of hard work, and be patient.  Once you choose to begin a Net Promoter Score program, asking, measuring and adjusting as an organization is what will define your credit union from now on.

What is the most important action to take to reach your strategic goals?  Go all in by installing the Net Promoter Score program in your credit union.  And it really is an all-in proposition.  The payoff of Net Promoter Score is having a truly unique organization that knows exactly who it is best suited to serve with happier employees and more loyal members.  There is no better hand than that.