Credit unions remain well ahead of banks in terms of Net Promoter Score and overall member experience today. As of 2nd quarter 2015 data, 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.
Member Loyalty Group, a leading CUSO formed to help credit unions implement and perfect organization-wide Voice of the Member programs, has collected over 2.1 million member surveys on behalf of its participating credit unions and is the exclusive provider of the Satmetrix® Net Promoter® Software for the credit union industry. Satmetrix® publishes annual Net Promoter Industry Benchmarks and their 2014 reports rank more than 219 brands across 22 U.S. industry sectors, including financial services.
NPS Stars from Satmetrix 2015 U.S. Consumer Study
| Sector | Brand | NPS® |
| Airlines | Jet Blue | 68 |
| Auto Insurance | USAA | 76 |
| Banking | USAA | 75 |
| Brokerage/Investments | Vanguard | 59 |
| Cable/Satellite TV Service | Verizon | 22 |
| Cellular Phone Service | Boost | 33 |
| Credit Cards | Discover | 52 |
| Department/Speciality Stores | Costco | 79 |
| Drug Stores/Pharmacies | Walgreens | 25 |
| Grocery/Supermarkets | Trader Joe's | 62 |
| Health Insurance | Kaiser Permanente | 31 |
"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."
For more information about Member Loyalty Group’s Net Promoter program and credit union industry specific benchmark overview, credit unions should visit www.memberloyaltygroup.com or contact info@memberloyaltygroup.com.