Stunningly Low Net Promoter Score for Banks Surfaces in NWCUA Research
June 26, 2012
It’s pretty chilly for banks in the Northwest. A survey of 867 consumers measured financial institutions’ Net Promoter Score (NPS), which indicates whether people think highly enough of a product to recommend it to friends, family and colleagues.
The Northwest Credit Union Association (NWCUA) commissioned Dr. Neil Goldman of Goldman Consulting and Strategy to conduct the recent survey for its member credit unions. Messaging the benefits of credit union membership is a top strategic priority for the NWCUA board of directors, which approved the survey. The board’s vision is that “consumers know the credit union difference and join.”
Survey participants—477 credit union members and 390 non-members—gave banks an embarrassing NPS of negative 17.
“That’s about the lowest I’ve seen,” said Goldman, who has consulted financial institutions in more than 40 states
While credit unions landed with a much more palatable 49.6 NPS, Goldman recommends comparing NPS scores to outdoor temperatures. Thus, the credit union NPS is still “too cool” to motivate bank customers to bail.
“You can be completely disloyal and still be satisfied,” Goldman said, adding that the NWCUA survey results are a “compelling” demonstration of the difference between loyalty and satisfaction. Credit unions, he said, have to do more to distinguish themselves.
“If credit unions don’t reinvent themselves and banks stop de-inventing themselves, our growth potential will be greatly diminished,” Goldman said.
Goldman shared survey findings at the NWCUA Marketers’ Conference in May and plans to dig deeper with attendees at the NWCUA’s 2012 Convention and Annual Business Meeting Oct. 2-4 in Vancouver, Wash.
The NWCUA survey resulted in a nine-point action plan for credit unions to follow to grow membership and enhance the members’ experience. Goldman said he will share four critical organizational leadership strategies to help execute that action plan.
Interested in Learning More?
Goldman’s presentation at Convention will help the credit union movement’s leaders develop concrete strategies through these insights.
Additional keynote speakers include Jeff Russell, president and CEO of TMG Financial Services, who will discuss what it means to be a modern primary financial institution.
Convention registration will be available soon, and the Northwest Credit Union Foundation (NWCUF) is also now offering scholarships for Cycle 2 of its professional development scholarship program, which includes events taking place between Aug. 1 and Dec. 31 of this year, giving credit union professionals in the region access to a discounted Convention experience.
Questions? Contact Training Programs Coordinator Yuri Jung: 206.340.4817, email@example.com.