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CU System
White papers focus on biz services Net Promoter Score
MADISON, Wis. (5/6/08)--Credit unions can learn how to use business services to build member relations, and about a new tool used for analysis and benchmarking purposes to measure customer loyalty 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. Using 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 to analyze, benchmark and 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of customer opinions via word-of-mouth, blogs, and online social networking sites, NPS may prove a replacement of outdated customer satisfaction surveys, which have become long and costly, said the paper. The second white paper, “Net Promoter Score in Action,” describes the score’s framework and how it is 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 use NPS to improve member stickiness and referrals, as well as their chances for survival in the competitive financial services market. The paper also provides examples of how some credit unions are tying improvements in NPS to overall employee benefits and using NPS as a jumping off point for other feedback innovations. CUNA Council members are entitled to complimentary copies of white papers. Non-members may purchase the white papers for $50 per copy.
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