Biz Services, Net Promoter Score Focus of Two New White Papers

CUNA Councils
May 7, 2008 | COMMENTS

Credit unions can learn how to use business services to build member relations and about Net Promoter Scores in two new white papers from the CUNA Operations, Sales, and Service (OpSS) Council.

“Taking Care of Business Members: The Case for Business Services as a Relationship-Building Strategy” illustrates how credit unions can grow with their business members and establish a two-way conduit to their personal and business accounts. Utilizing case studies, expert advice, and surveys, the white paper explains how credit unions are making the most of business services opportunities and examines the successful strategies of some credit unions that are just getting started in business services. It also details how credit unions are overcoming challenges involving staffing, training, technology, competitive positioning, and regulations.

Net Promoter Score (NPS) – used for analysis and benchmarking purposes to measure customer loyalty – is gaining popularity within certain industries. Given the importance of the consumer “experience” and the spread of customer opinions via word-of-mouth, blogs, and online social networking sites, NPS may prove a valuable replacement of outdated customer satisfaction surveys, which have become long and costly. The final white paper, entitled “Net Promoter Score in Action,” describes the score’s framework and how it is being used at three credit unions. The paper begins by explaining how the score works, what drives the numbers, and the rationale behind NPS. It then moves on to credit unions that are using NPS to improve member stickiness and referrals as well as their chances for survival in the competitive financial services market. It also provides examples of how some credit unions are tying improvements in NPS to overall employee benefits and using it as a jumping off point for other feedback innovations.

CUNA Council members are entitled to complimentary copies of these white papers; non-members may purchase the white papers for a price of $50 per copy.

The papers are available online in the white paper section of each council site - select the “OpSS” tab for both papers.