A CUSO which helps credit unions strengthen loyalty among their members reported a recent study showed that credit unions are beating banks in building deeper loyalty among their members or customers.
Member Loyalty Group LLC, a Chicago CUSO that specializes in market research, reported that CUs have an average "Net Promoter" score of 58% while banks have a "Net Promoter" score of only 18%.
Research has shown members or customers who are "promoters" stay longer with their financial institutions, buy more products, refer more new customers and cost less to serve, Member Loyalty Group said.
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