FOND DU LAC, Wis.–Info-Pro Lender Services has released a new white paper: “How Banks & Credit Unions an Use Technology to Improve Consumer Loyalty.”
The paper seeks to highlight impactful and tangible ways in which technological innovation can be leveraged to create value for credit unions in improving consumer loyalty and advocacy.
“The Net Promoter Score system has consistently demonstrated leads to superior profits relative to competitors with lower Net Promoter Scores,” the paper explains. “Fortunately, there are some rather straightforward and not overly complicated approaches for banks and credit unions to improve their Net Promoter Scores, and it would be wise and prudent for those that have not already done so to explore these opportunities.”
The company noted that loyalty, which supports retention, is critical considering the average cost to acquire a new member can range from $300 to $400 and the average profit per year is approximately $70.
“That equates to a payback period on acquisition costs of over four years, and so reducing the number of detractors—which are 2.3 times more likely to leave a company than a promoter—is important,” the paper states.
Info-Pro provides real estate tax monitoring, flood determination and insurance monitoring services to more than 300 FIs, and helps residential, commercial and agricultural lenders of all sizes manage risk and reduce costs while improving operational efficiencies related to servicing their mortgage loan portfolio.
A copy of the white paper can be found in the CUToday.info Free Vault here. For more info: www.info-pro.com.