Help me make sense of this. According to a recent Roy Morgan survey, Big Four bank customer satisfaction is high – unless you look at their Net Promoter Scores, which are all in the toilet. How does that make any sense? If I won’t recommend you to a friend, how can my satisfaction be high?
I’m a big believer in NPS. If you’re not familiar with Net Promoter Scores, they ask the customer a single question: “How likely are you to recommend us to a friend?” and ask them to pick a number from 1 to 10. Those who respond with nines and tens are considered “promoters”; sevens and eights are “passives”; and everyone else is a “detractor.” Subtract the percentage of detractors from the promoters and you have what’s called your Net Promoter Score.
Most businesses will score in the 10-20 range. The Big Four Australian banks are in the negatives. And yet their customer satisfaction is high. How does that work?
