THE NUMBERS TELL US WE’RE ON THE RIGHT TRACK

In one of my earliest posts, I wrote about our Net Promoter Score, or NPS. In case you aren’t familiar with what that is, it’s an index ranging from -100 to 100 that measures how willing our members are to recommend TruWest to others. It’s based on an annual survey, conducted near the end of each year by an independent company, among a randomly selected sample of more than 1,000 of our members.

I’m extremely pleased to say that our 2016 NPS is even higher than the one members gave us in 2015: 69 vs. 67.

A quick overview of how the NPS is calculated

The "net" part of the Net Promoter Score comes from subtracting the percentage of survey respondents who are considered "detractors, or those who give a score of 0 to 6, from the percentage of “promoters”—those who give a score of 9 or 10 when asked how likely they are to recommend us. (Scores of 7 or 8 are considered passive, or neutral, and aren’t used in calculating the NPS.) Our 2016 score reflects both a decrease in the percentage of detractors and an increase in the percentage of promoters. That tells us that we improved on both ends of the scale.

Excelling in the Financial Services category

To put our score of 69 in perspective, the overall average NPS for the financial services industry, which includes banking, brokerage and investments, and credit cards, typically falls somewhere in the mid-30s to around 40. As a whole, credit unions generally receive substantially higher scores than banks do, and there are a couple of reasons that come to mind for that: 1) credit unions shine when it comes to listening to our members and taking action on the feedback we receive, and 2) members are more active participants in their credit union than customers are with banks, because credit union members have an ownership stake. When you own a piece of a business, you naturally want to see it succeed.

Of course, that doesn’t mean that TruWest members are going to respond positively to a survey simply because they have a vested interest. If we didn’t have the customer service, products and other attributes to merit those 9s and 10s, our NPS would much closer to those other scores that pull down the average for our industry.

Right up there with the fan favorites

If you’re wondering how TruWest’s Net Promoter Score compares with other types of businesses, here are a few names you know:

  1. Apple had the best NPS among computer companies, at 66
  2. Amazon outperformed its competitors in the online shopping sector, also with an NPS of 66
  3. JetBlue had the highest NPS among airlines, at 67
  4. Vanguard led the investment services sector, also with an NPS of 66
You can see why I’m so pleased with our score of 69!

More good news: Our ‘NDS’ increased, too

There’s another score we use to evaluate our members’ satisfaction with the quality of our service: The Net Delighted Score. The NDS is calculated the same way as the Net Promoter Score, on a scale of 1 to 10, with the percentage of detractors subtracted from the percentage of promoters. For 2016, we saw an even greater improvement in our NDS, from 63 to 66. That’s one of the highest Net Delighted Scores we’ve had since we started keeping track back in 2010.

Working for an even higher NPS for 2017

As I mentioned in my previous post about Net Promoter Scores, we have a responsibility to do more than just maintain our excellent rating. We owe it to our members to continue to improve our NPS, and that’s where the TruDifference approach is invaluable. By helping you realize your financial goals, we can make a true difference in your life. That’s my mission, as the president of your credit union—and one of the best ways I know of to achieve that mission is to continue offering services that make your experiences with us faster, easier and more convenient.

We always value your suggestions for improving how we communicate with you, as well as any changes you would like to see in the products and services we offer. The more we hear from you, the better we’re able to make sure you’re satisfied with your credit union. And naturally, the more satisfied you are, the more likely you are to recommend TruWest to someone you know.

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