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Net Promoter News: Kaboom! Kabbage explodes into small business finance, BT introduces NetEasy, Credit unions: Time to lose your “seedy” image, Reichheld and Markey on survey best practices

Kaboom! Kabbage disrupts small business finance

[caption id="attachment_3503" align="alignright" width="300"]Kabbage_Logo_Horizontal3-300x77.png Kabbage: Who knew a vegetable could be so innovative?[/caption]

Kabbage is an online lender that provides small businesses with capital after assessing their credit-worthiness on social media. At first blush, the concept sounds pretty…. adventurous. Clients like the business, though. It has a (self-reported) NPS of +75, and since launching its platform two years ago, over $800 million in annual sales. Investors are also keen, with the company raising $30 million in financing recently. Interestingly, Kabbage also looks at the way a potential client treats its customers as one of the criteria to assess its credit-worthiness. With this kind of disruptive thinking, we are fascinated to think how far the concept can go. Fox Business

BT unfashionably invests in customer service metric, sees shock bottom line benefits

BT has introduced a new score to complement Net Promoter. Called NetEasy, it uses a similar 10-point scale to ask customers to rate their experience in terms of how easy they found the interaction.

According to the telco, they are able to correlate scores with financial measures, and see the direct impact on the bottom line. Call Centre Focus

Credit unions: Time to lose your “seedy” image

A key challenge for credit unions is how to become the primary financial institution of its customers, and one point of opportunity is the woeful customer satisfaction (as reflected in Net Promoter Scores) of banks, compared to the relatively high scores of many credit unions.

But it’s not all clear sailing ahead for the unions, as they struggle with image perceptions and even “seedy” reputations. Research commissioned by a US credit union organisation has identified key areas in which credit unions are advised to direct their energies in order to move from a secondary to primary financial institution of choice for more customers. For the full list, check the link: Northwest Credit Union Association

Reichheld and Markey on customer survey best practices

In the second of their series of posts on Net Promoter best practices for Forbes, Fred Reichheld and Rob Markey discuss the principles of how to obtain accurate, reliable data from customers. Among the most interesting comments; “Anything less than a 40% response rate for business-to-consumer (B2C) and 60% for B2B enterprises is a red flag.” Forbes

In brief

  • NetCom Learning has claimed an NPS of +78.81, and in a fit of unoriginality, noted that the score is higher than Apple’s. (Note to businesses, it’s not about the size of your score, it’s what you do with it that counts). PR  Web
  • Texan credit union Amplify has released a case study on its experience with Net Promoter. Instant.ly
  • Perennial customer service over-achiever and Net Promoter Jedi Master Rackspace has won a UK Customer Experience Award for IT & Telecoms. TopHost.com
  • UK-based Wincanton Records Management claimed an NPS of +51.92 (TWO DECIMAL PLACES from "over 200 customer surveys", stats fans!) SDB Magazine

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Next Up: Net Promoter News: UK insurers break Net Promoter "No-Claims" bonus, Ascentium agency climbs Net Promoter peak, NPS ups and downs for some UK hospitals

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