The data provides an interesting point of comparison for the many credit unions tracking their Net Promoter scores.
Satmetrix released their new set of Net Promoter® benchmarks across many industries yesterday. The data provides an interesting point of comparison for the many credit unions that are also tracking their Net Promoter scores. Credit unions in Callahan’s Internet Strategy Consortium have been tracking their scores for the past several years. During this time, we’ve seen a gradual increase in the average score for Consortium credit unions.
The Internet Strategy Consortium (ISC) average score and individual credit union scores are well above the average numbers cited for banks. The average Net Promoter Score for banks is 20%, with scores ranging from a low for Citibank (-9%) to USAA’s 81%. In contrast, our most recent ISC survey showed an average Net Promoter score of 60% and a range of 50% to 69%.
Satmetrix has separate scoring for credit cards, and these fared even worse than banks, with an average score of 0%, and a range of -16%(for BOA) to 27%. American Express was cited as the leader, with a Net Promoter score of 27%.
Brokerage and investment firms did much better, with an average Net Promoter score of 29% and a range of 15% to 46%. Charles Swab continues to lead this category with 46%.
These low banking industry scores highlight an opportunity for credit unions to leverage their positive member feedback to gain new members. Consumers are discussing their finances with friends to a greater degree than before, as they share experiences and money saving tips. This is a great time for a credit union referral campaign, and a chance to remind members to share their good experiences.
Here’s the link to Satmetrix press release and reports: