Exceeding your expectations

Last week, in my inaugural post, I mentioned that the loyalty TruWest members feel toward their credit union is similar to that of Apple’s die-hard fans for their beloved iPhones, iPads and other iProducts. You might have wondered how I know that.

For years, we've used something called the Net Promoter Score, or NPS, to see how well we measure up to our members’ expectations. You can find out all about the NPS at www.netpromoter.com, but for now I’ll give you a quick description. It’s an index ranging from -100 to 100 that gauges how willing customers (or in our case, members) are to recommend a company’s products or services to other people.

Each November, an independent company conducts a survey from randomly selected sample of more than 1,000 of our members, asking them to provide feedback about TruWest and our services. We get the survey results by the end of the year.

For 2015, we had an NPS of 67—meaning that a net 67 percent of the members surveyed rated their satisfaction with TruWest a 9 or 10 on a scale of 10. Here’s how we compared with some other names you might recognize:

  • Apple: 70
  • Amazon: 69
  • TruWest: 67
  • Southwest Airlines: 66
  • Chase: -1
  • Wells Fargo: -12
  • Bank of America: -24
  • Citibank: -41

And, according to the Net Promoter website, the NPS for the banking industry overall is 35—so you can see that TruWest truly shines when it comes to satisfying our members.

While I’m gratified by our score and the fact that our members are so satisfied with TruWest’s services and products, our goal is not just to maintain our rating, but to improve upon it. That’s why the TruDifference philosophy is so important. It reminds all of us here at TruWest that our primary missions is to make a difference in your life by helping you achieve your financial goals.

A key element of customer satisfaction for any business is good communication, so once again I invite you to let us know how we’re doing. After all, we’re your credit union … and it’s my job to make sure we serve you well.

If you get a call in the next few weeks from someone who says they’re conducting a survey of TruWest members, you’ll know what it’s about. I’m looking forward to receiving our NPS for 2016 and sharing it with you in a future post.

Sources:
http://www.thermocopy.com/net-promoter-score-measuring-and-managing-customer-satisfaction/
https://www.netpromoter.com/compare/ 
https://npsbenchmarks.com/industry/Financial_Services