NPS® helps businesses gauge the quality of their customer service.
Danbury, CONN. (May 23, 2022) – For the fifth consecutive year, Union Savings Bank’s Net Promoter Score® has increased, a strong indication that satisfaction among the bank’s customers continues to grow.
According to a study commissioned annually by USB, which was developed by ath Power Consulting, the bank’s Net Promoter Score® (NPS®) of 74 is more than double the national average for banks at 35; it also exceeds the average for credit unions and smaller financial institutions. Simply stated, NPS® measures a customer’s likelihood to recommend a company, product, or service to a friend or colleague.
“We feel that it is extremely important to stay close to our customers in order to gain feedback about our performance,” said Cynthia C. Merkle, USB President & CEO. “We’re particularly focused on our Net Promoter Score® as a company benchmark. In fact, we have made NPS® part of our performance evaluation criteria for all employees. It takes the entire organization to create a consistent, positive customer experience. “
The NPS® metric was created in 2003 by Frederick F. Reichheld. Wrote Reichheld in a Harvard Business Review article at that time: “The only path to profitable growth may lie in a company’s ability to get its loyal customers to become, in effect, its marketing department.” According to Fortune Magazine, NPS® is widely used today as at least two-thirds of the Fortune 1000 use the Net Promoter Score, including most or all of the financial service companies, airlines, telecom companies, retailers, and others.
“We’ve been tracking the USB’s Net Promoter Score® since 2016 as part of an overall brand study,” said Frank Aloi, President & CEO, ath Power Consulting. “The fact is that the bank’s commitment to improving this measurement has paid off as it has increased each year for the past five years. We’re very impressed with their performance in this area; it’s obvious that the bank’s efforts are resonating with their customers.”
USB has focused on four key areas of their operation: products/services (particularly technology enhancement), employee recruitment and training, customer service, and community outreach. In each category, the bank has remained vigilant in its commitment to address the needs of both customers and employees. Merkle stated that it’s about mutual success.
“Everyone wins if we’re providing what the community wants and needs,” said Merkle. “We need to remain good listeners and good responders.”
Merkle concluded: “We keep raising the bar each year as we increase the bank’s NPS® goal. We refuse to allow ourselves to rest on our laurels. Our customers deserve better than that.”
About Union Savings Bank
Established in 1866 and headquartered in Danbury, Conn., Union Savings Bank is a $3 billion mutual bank dedicated to being the bank of choice. As a full-service financial institution, Union Savings Bank provides banking, mortgage, investment, trust and insurance products throughout western Connecticut with 25 offices in Bethel, Brookfield, Canton, Danbury, Goshen, Kent, Litchfield, Marble Dale, Monroe, New Fairfield, New Milford, Newtown, Ridgefield, Roxbury, Southbury, Torrington and Washington Depot. The bank provides financial services to individuals, businesses, not-for-profit organizations, and government entities through its commercial, residential and consumer lending, corporate services, retail banking and wealth management divisions. Please visit www.unionsavings.com for more information. Member FDIC. Equal Housing Lender.
Union Savings Bank