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Catalyst Corporate Reports Strong Net Promoter Score
Thursday, June 11, 2015 6:10 AM

Credit unions from coast-to-coast express strong approval of their corporate relationship

In Catalyst Corporate Federal Credit Union’s annual member satisfaction survey, credit unions from across the nation were asked, “Would you recommend Catalyst Corporate?”  This question is at the heart of a Net Promoter Score (NPS) assessment, which is a popular tool for companies of all sizes, in nearly every type of industry.

“The Net Promoter Score is a much more rigorous measure than a simple member satisfaction rating,” said Kathy Garner, president/CEO of Catalyst Corporate. “We chose this methodology because we hold Catalyst Corporate, as a member-owned cooperative, to a higher standard of service.”

Catalyst Corporate’s members gave it a score of 70 percent for the second year in a row— well above the generally accepted threshold for excellence, which is 50 percent.

The NPS is calculated using a 0-10 scale by subtracting the percentage of detractors (responses rating their likelihood of recommending Catalyst Corporate between 0 and 6) from the percentage of promoters (responses providing a rating of 9 to10). The resulting score predicts the percentage of members who are so happy with the organization that they would proactively recommend it to others. Research suggests that an organization must have a good net promoter score in order to grow, and that any positive number score is a good result.

“We are very pleased to have maintained high scores year over year since the survey began in 2012, but even with consistently excellent results, member approval is not something Catalyst Corporate would ever take for granted,” said Garner. “This annual check-in is an important part of our overall member engagement effort, which also involves in-person contact and a lot of two-way communication throughout the year.”

The survey, conducted by third-party researchers, took place over a three-week period in March and was sent to more than 3,000 credit union professionals at almost 1,200 capitalizing credit unions. The survey included questions about service offerings, member contact, and trust-worthiness, among other issues. Almost universally, responses were very good. A detailed report of the survey findings is available on the Catalyst Corporate web site in the Communication/Member Feedback section.

“Member feedback from the survey is examined during the strategic planning process, with several benchmarks making it into our organizational goals,” said Garner. “Even with great scores, you can always learn more about member needs through tools like the survey, as well as through organized engagement and personal contact. Those needs translate directly into priorities for us.”

Catalyst Corporate is an approved five-star business partner of Credit Union Resources, Inc. and a wholesale, cooperative credit union with a national field of membership headquartered in Plano, Texas. Catalyst Corporate and its wholly-owned Catalyst Strategic Solutions subsidiary offer more than 1,500 credit unions competitively priced payment, investment, and liquidity services.