Net Promoter Score- Why is it important for Financial Institutions?

As the CEO of a large financial institution what would be the one thing that you would monitor that would be a litmus test of how well your company is living up to the core values you have set for yourself.

Ever wondered what your peers like American Express, USAA, Vanguard, Westpac etc. monitor to find the same. The Infographic below explains Net Promoter Score , a customer loyalty metric and a discipline for using customer feedback to fuel profitable growth in your business. Developed by Satmetrix, Bain & Company, and Fred Reichheld, the concept was first popularized through Reichheld’s book The Ultimate Question, and further explored by Richard Owen and Dr. Laura Brooks in Answering the Ultimate Question, which takes an in-depth look at how leading companies are using Net Promoter to drive business improvements around the customer experience. Net Promoter has been embraced by leading companies worldwide as the standard for measuring and improving customer loyalty.

 

Today, the financial institutions are unable to offer any differentiation in products, reach, flexibility etc.,   it is imperative that the institution that delights the customer is what would be the one the customers would turn to for every financial need he/she has.  As the famous saying goes, you cannot control it if you cannot measure it. Do not be surprised if tomorrow, before making a purchase decision your customer checks you Net Promoter Score before anything else.

- By Madhavi Natukula

CustomerXPs offers real-time, intelligent products that empower banks with instant insights enabling influenced outcomes of deeper customer engagement and fraud-free transactions. Learn more about CustomerXPs Clari5

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