About Us Services Learning Center Contact Us Communications
Contact

2015 Member Survey

Summary

This year’s member satisfaction survey was distributed to 3,085 individuals at 1,200 fully-capitalizing member credit unions. The recipients included contacts with the following titles/roles: CEO, CFO, Senior Management, Accounting, Investing/Portfolio Management, Asset/Liability Management, Operations/Payments. There were 462 responses, for a response rate of 15 percent – similar to the level of participation in 2014.

PDFDownload the "Members Are Talking" brochure

Net Promoter Score – Overview

Catalyst Corporate’s net promoter score (NPS) remained very high in 2015, at 70 percent. Further, 74 percent of all respondents were promoters (answering 9-10 on the 0-10 NPS scale).

Click to view full size
Click to view full size

There were only 20 individual “detractors” (answering 0-6 on the NPS scale), and seven of the 13 who left a comment indicated that their reason for not recommending Catalyst Corporate as a lack of knowledge/qualification – not dissatisfaction. This is consistent with previous years.

Among the passives (answering 7-8 on the NPS scale), 40 percent left positive comments, equating to 84 percent of the 59 who left any comment. This group was pleased with products/services and member service in equal measure. The number of critical responses from this group declined year over year, from 11 to just five.

Comments were provided by 229 unique promoters, with member service and products/services appearing most frequently as the explanation for their high NPS scores.

Comparative Scores

Catalyst Corporate’s 70% NPS score compares favorably to other companies – financial service companies or otherwise.

Financial Services:
USAA: 84%
San Francisco Fire CU: 74%
Wright-Patt FCU 70%
Vanguard: 65%
Credit Unions Overall: 42%
Community Banks: 35%
Regional Banks: 5%
National Banks -6%
Financial Services Overall: 33%
Other high scorers:
Costco: 82%
Harley-Davidson: 81%
Nordstrom: 75%
Apple Hardware: 72%
Amazon.com: 64%
Southwest Airlines: 62%

 

Year over year, sub-category NPS improved or stayed the same in most categories. Additional details surrounding subcategory variances are in subsequent sections.

2014-2015-Comparison-Charts

Contact – Frequency & Quality:

Impact of Contact on Overall NPS

Frequency of contact continues to be a strong indicator of NPS – particularly among those contacted infrequently (once a year or less), who provided a NPS of 49 percent. Respondents include a large proportion of passives – none of whom mentioned frequency of contact in their comments (only two of which were negative). This group is well distributed among various asset categories and occupations.

Additionally, the survey results suggest that individuals contacted several times per week are significantly more satisfied now (91 percent NPS) than last year (64 percent NPS), while satisfaction has declined among those contacted several times daily (63 percent v. 71 percent).

Frequency & Quality of Engagement (using the NPS methodology):

NPSContact

Over time, NPS for frequency and quality has risen steadily – and at times spectacularly.

Contact NPS – Historical 2012 2013 2014 2015
Telephone Calls Frequency 38% 44% 68% 70%
Quality 48% 62% 73% 78%
In-Person Visits Frequency - 7% 0% 36% 39%
Quality 12% 22% 60% 71%
Personal Emails Frequency 44% 42% 60% 64%
Quality 51% 50% 66% 73%
Other Frequency 12% 26% 64% 56%
Quality 21% 34% 69% 74%
  • Scores less than 50% in 2015 are in red.
  • Scores that declined year-over-year by 5% or more are bold.
  • Scores that improved year-over-year by 5% or more are highlighted.

Regional Variances

State Grouping 2014 2015
Southwest Legacy 81% 78%
Georgia Legacy 68% 71%
Northwest Legacy 65% 65%
Western Bridge Legacy 58% 58%
FirstCorp Legacy 50% 76%
Non-Legacy 67% 62%
  • Scores less than 50% in 2015 are in red.
  • Scores that declined year-over-year by 5% or more are bold.
  • Scores that improved year-over-year by 5% or more are highlighted.

Southwest Legacy states’ NPS of 78 percent continues to exceed those of other states (as does the total number of respondents from this region, making up 210 of the 462 responses); but other regions are catching up.

Asset Size Variances

Asset Size 2014 2015
Under $50 Million 78% 77%
$50 Million - $250 Million 68% 65%
$250 Million - $1 Billion 68% 72%
Over $1 Billion 36% 63%
  • Scores less than 50% in 2015 are in red.
  • Scores that declined year-over-year by 5% or more are bold.
  • Scores that improved year-over-year by 5% or more are highlighted.

As usual, the smallest credit unions were more likely to rate Catalyst Corporate highly, but it is no longer the case that the NPS descends as assets increase. The score for credit unions between $250 million and $1 billion in assets increased moderately year-over-year, and the score for credit unions with more than $1 billion in assets rose significantly. This may be attributed to the new, in-person telephone survey methodology undertaken with CEOs from credit unions in this asset group. Rather than completing the full online survey, these CEOs were asked the primary NPS/follow up question and the four questions that are monitored in the strategic plan score card, generating 38 responses in the largest asset category in 2015 versus 28 responses in 2014 – a 35 percent increase in participation.

As in years’ past, the larger population of smaller institutions played a role in the high overall NPS. In 2015, 325 respondents are from credit unions with less than $250 million in assets, with an average NPS of 71 percent. This is approximately 70% of the respondents, though that is down from 75 percent in 2014.

Interestingly, for the first time the number of respondents in the $50 million-$250 million category is now higher than the number responding from the smallest asset group, which declined by 35 responses year-over-year. The dip in the year-over-year scores from the two smallest asset classes, despite being slight, moderated the impact of the higher year-over-year scores provided by the two larger asset categories, which have fewer participating responders.

Position Variances

Position 2014 2015
CEO 76% 76%
COO 88% 76%
CFO 70% 75%
Accounting/Finance 67% 56%
Other 56% 64%
  • Scores less than 50% in 2015 are in red.
  • Scores that declined year-over-year by 5% or more are bold.
  • Scores that improved year-over-year by 5% or more are highlighted.

Scores from individuals occupying decision-making roles were very high, ranging between 75 percent and 76 percent. Accounting and finance dropped by 11 points year over year. This was driven by a large number of passives (32 percent) among the 78 individuals in the category (NPS is calculated as 62 percent promoters minus 6 percent detractors). Most of the remarks provided by this group were positive. The Other category, with 88 respondents, dropped by 11 points as well, but did better than accounting and finance overall as a result of having 69 percent promoters to offset five percent of detractors.

TranZact

Assessing credit union sentiment about TranZact was especially important for 2015 as Catalyst Corporate was in the process of transitioning to a new system. At the time of the survey, approximately two-thirds of TranZact users responding had converted.

The score provided by users of TranZact 2.0 (59 percent) was five points lower than the score provided by users of the original version (64 percent), which is not surprising considering that users of the new interface are still relatively unfamiliar with it. This is consistent with variations seen for recently-merged populations, which have improved dramatically over time.

NPSTranZact


NPS
2012 2013 2014 2015 all 2015 Original 2015 New
61% 64% 85% 60% 64% 59%

 

Somewhat surprisingly, users of the original version scored their experience substantially lower than last year, when the TranZact score had spiked up to 85 percent. It may be conjectured that 2014 represented the “sweet spot” in terms of the proportion of Catalyst Corporate members who were very comfortable with the system. Also, for many, even the suggestion of a change creates anxiety that could cause them to lower their scores despite not having transitioned yet.

Image Perception

On the 7 point scale, where 1 is “for profit vendor” and 7 is “member-driven cooperative,” members were more likely to rate Catalyst Corporate as balanced or as a member-driven cooperative (97 percent gave a score of 4 or above).

NPSPerception

Less than one percent of respondents indicated that they perceive Catalyst Corporate as being more profit/vendor oriented. Scores were similar to last year, but much improved relative to the first survey year, when just 30 percent of respondents selected 7 compared to almost half in 2015.

Importance of Relationship

NPSRelationship

Net importance of the relationship changed very little from 2014, when the score was 66 percent. Less than one percent responded that relationships were “not at all important” by selecting zero.

Trust/Financial Soundness

Perception issues that were revealed in 2012 have improved substantially since then.

NPSTrust

Delivers on Promises & Instills Trust (65%)

Among respondents, those representing credit unions with over $1 billion in assets came in with the lowest score of 56 percent; however, there was only one detractor in the group. The overall asset category score was diminished by a substantial number of passives.

Catalyst Corporate is Financially Sound (70%)

The score that demonstrates member perception of Catalyst Corporate’s financial stability has more than doubled since the first survey was conducted in 2012 – moving from 32 percent to 70 percent in just three years. This is a logical progression, but very exciting nonetheless. A small number of less enthusiastic respondents were dominated by passives and individuals who tended to provide lower scores throughout the entire survey.

Products & Services

Year-over-year scores:

  2012 2013 2014 2015
Variety Offered 42% 47% 57% 60%
Features 41% 41% 56% 58%
Pricing 16% 9% 44% 44%
Value Received 13% 41% 57% 57%

 

All general product and service scores rose substantially in 2014 and remained stable in 2015. Of the 132 individuals who left a comment to explain their product and service ratings:

  • 73 respondents indicated they were pleased with products, services and member service
  • 24 indicated they were pleased with pricing
  • 17 expressed pricing concerns
  • 13 had product and/or service concerns

 

Contact


Communications Overview News Commentary Client Feedback Subscribe