Gaining and keeping customer satisfaction high is tough, no matter the industry. One way many companies keep up is to keep score; but a score on what?\u00a0 I hate detail, but this story requires some terminology that many of us do not use, so here goes.<\/p>\n

In the banking and credit union industries, it\u2019s KPI\u2019s, SLA\u2019s, and NPS are standard terms use to measure a variety of issues. KPI stands for Key Performance Index. SLA stands for service level agreement, and NPS for net promoter score.<\/p>\n

I asked Ivan Orrego Sr., a Senior Banking & Credit Union Executive and Member Experience Expert, and an executive who builds strong teams, to give me a real-world story of how those are used to produce customer satisfaction improvements.<\/p>\n

Ivan told me that the average net promoter score (NPS) for the banking industry is around 34%. I asked what that meant. He said, \u201cthe net promoter score (NPS) is determined by the difference in percentage of customers who would promote the business to friends vs those who would not.\u00a0 This is calculated via survey question \u201cWould you recommend this company to friends and family\u201d.\u00a0 The scale is 0 to 10 where 9s and 10s are promoters and anything less than 6 is a detractor.<\/p>\n

Furthermore, Ivan joined a company that had an NPS score of 52%. I commented that 52% was better than industry average so what was wrong with that? He agreed that it was better but, after the last company annual customer trend survey was in, the company scores were as headed south fast.\u201d \u00a0His goal was to figure out why and reverse that negative trend.<\/p>\n

He faced the challenge of finding a vendor who could provide a good, validated, real-time tool for measuring net promoter score (NPS).\u00a0 Historically, the main measurement tool was the \u201cmystery shopper\u201d program. This was totally ineffective as a method to significantly improve the scores.<\/p>\n

Ivan said, \u201cAfter deciding what specific channels to measure and what I wanted to do with the data, I settled on a vendor that would provide surveys via mobile texts and e-mails.\u00a0 The results were provided to the market managers and the newly created role of digital manager.\u00a0 A 24-hour service level agreement (SLA) was established for member contact, and the managers were empowered with exception authority to handle escalated issues.\u201d<\/p>\n

Moreover, for the first time in the company, establishing a key performance index (KPI) and service level agreement (SLA) instilled a sense of urgency. \u00a0In addition, net promoter scores (NPS) were added to each branch and each associate\u2019s scorecard and broadcasting top rankings on SharePoint. This allowed senior managers and company executives to conduct recognition visits with the top performers.\u201d\u00a0 The bottom Line?<\/em>\u00a0 The result of these actions led to an escalation of NPS to a world-class 82.5%.<\/p>\n

Watch full video interview below.<\/em><\/h3>\n

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