The Net Promoter Score is an index ranging from -100 to 100 that measures the willingness of customers to recommend a company's products or services to others. It is used as a proxy for gauging the customer's overall satisfaction with a company's product or service and the customer's loyalty to the brand. Positive number of scores – Negative scores = Rating
How is the MFAA using this?
The MFAA have commenced an NPS online survey that asks for feedback both on our brands rating and general feedback. Each quarter, a unique segment of 25% of our customer base will be asked for feedback; the first of which were asked in September. Our aim is to measure the quarterly opinions of our industry on the value that we are delivering and adjust our actions to continuously improve.
Has the MFAA historically measured NPS?
Prior to implementing our recent quarterly NPS survey, the MFAA surveyed the NPS of our members annually. The annual membership platform scored the NPS of the MFAA in 2011 (2) and in 2014 (3). As the NPS index ranges from -100 to 100, the results in 2011 and 2014 indicated that our members were 'neutral' about their willingness to promote the MFAA products or services.
What was the result of the FY16 (Q1) NPS?
The FY16 (Q1) survey engaged 25% of all MFAA customers and identified the NPS of the MFAA is (30). This is very positive and indicates that MFAA members are far more likely to promote MFAA products and services than the same time last year.
What is the NPS of other stakeholders?
ING Bank – holds one of the highest rating customer NPS within finance for Australia – has an NPS of (37).
The MFAA team are very encouraged by the initial NPS results and will continue to seek opportunities to support our customers. Our quarterly NPS survey will offer regular feedback and provide a deeper understanding of how our members view us and the services we are providing. We will continue to keep you updated.
To view the report and read more about MFAA's member satisfaction click HERE.