Satmetrix Press Release
Six Innovative Credit Unions Form Member Loyalty Group, L.L.C.
New credit union service organization to provide standardized member-loyalty measurements for credit unions nationwide
Chicago, Illinois — April 17, 2008 — Six credit unions from across the country today jointly announce the formation of Member Loyalty Group, L.L.C., a credit union service organization (CUSO) created to implement a standardized member-loyalty metric for credit unions large and small. The six founding credit unions are Addison Avenue Federal Credit Union, America First Credit Union, Baxter Credit Union (BCU), Boeing Employees Credit Union (BECU), Educators Credit Union and San Francisco Fire Credit Union.
Member Loyalty Group has an agreement with Satmetrix to develop a member loyalty standard for credit unions. The group joins a long list of global organizations using Satmetrix to improve customer loyalty and drive growth. Satmetrix, the co-developer of Net Promoter®, brings expertise in program design and deployment as well as enterprise applications for collecting and disseminating loyalty information and action plans.
Michelle Bloedorn, former VP Sales and Service for Baxter Credit Union has been named executive director of Member Loyalty Group.
“Our top priority is to develop a standard metric using Net Promoter Score (NPS)®. Many credit unions are measuring NPS today, but the methodology is not the same,” said Bloedorn. “Can you imagine if we all measured ROA with a different ruler? Financial metrics can’t be the only measure of success anymore. Member loyalty is what made credit unions grow. If your members cannot refer you, you will have a tough time in this increasingly competitive market.”
Satmetrix, in conjunction with Fred Reichheld of Bain & Company, co-developed NPS, to measure customer and member loyalty. The Member Loyalty Group will use the NPS in conjunction with member data provided by credit unions to determine ways to improve member service in every area of the organization. In addition, the CUSO and Satmetrix will bring the expertise to help credit unions deploy the Net Promoter Discipline, an organization & workflow design for building a member centric DNA. This should help credit unions not only improve current member loyalty but help grow the membership through word of mouth. While most credit unions see themselves as already “member-centric”, there is currently no industry-wide metric for measuring this.
For more information about Member Loyalty Group, please contact Michelle Bloedorn at mbloedorn@memberloyaltygroup.com.
For more information about Satmetrix and the Net Promoter Score, please visit http://www.satmetrix.com.