Is your credit union relevant? Is your credit union providing value to its members? Dr. Laura Brooks, PhD, of Satmetrix Systems evaluates what drives satisfaction of the consumer experience in, A Fresh Approach to Measuring Member Loyalty.
The survey response rate reached almost 13%, compared with an average of 3% to 5% for most consumer research studies.
Credit unions scored an overall NPS of 54.3% (67.7% promoters and 13.4% detractors).
The highest credit union NPS was 79.1%, and the lowest was 19.6%.
Credit unions’ overall NPS score exceeded that of other retail banking outlets.
Likely to see the credit union as their primary financial services provider.
Have a good overall experience with their credit union and indicate that it exceeds their expectations in multiple areas.
Have been using their credit union for a significant amount of time.
The drivers of NPS in credit unions are fairly intuitive: overall product/service quality, overall value, and customer service/support experience.