We developed NPS Benchmarking because we saw a need for it in the financial services sector. It is widely recognized that companies which achieve a higher than average Net Promoter Score (NPS) also show long term profitable growth. Many organizations, however, are not viewing customer experience in the context of their competitors but allow NPS to exist in a vacuum, unaware of how well other brands may be performing.
NPS Benchmarking is a bi-annual systematic and cost-effective benchmarking service for brands in the financial services sector. The service offers a means for organizations to view their customer experience in context and to understand the factors driving NPS at transactional and relational levels.
The study utilizes a nationally representative sample of 12,000 UK customers. Additional options exist for subscribers to place confidential questions in the survey and for smaller participating organizations to supply a customer sample of their own.
The study assesses current account holders on around 20 key customer experiences to develop NPS ratings at brand level. Main product holding relationships are established and NPS investigated at that level as well. Additionally, Key Driver Analysis identifies factors influencing NPS outcomes to guide subscriber’s actions.