According to mSurvey, Net Promoter Score (NPS) is the most recognized measure of customer loyalty. mSurvey is a platform that allows businesses to measure their Net Promoter Score. NPS is a customer loyalty metric based on the question “on a scale of 0-10 how likely are you to recommend XYZ to family and friends”.
Customers who answer between 10-9 are viewed as loyal customers and promoters of the product. Those who answer with 8-7 are seen as passive customers who, if given the opportunity, are likely to switch to the competitor. Answers of between 6-0 are from customers viewed as detractors who have had one or more bad experiences with the product.
The Net Promoter Score is calculated by subtracting the percentage of detractors from the percentage of promoters, yielding a score between -100 to 100. A Net Promoter Score of -100 means every respondent is a detractor while a Net Promoter Score of 100 means everyone is a promoter.
According to the mSurvey Industry NPS Benchmark report for Q1 2018 – Kenya, in the banking sector, Co-operative Bank came out on top with the highest NPS. According to the report, “In this sector, customer service, transaction fees and accessibility are the most impactful customer experience themes”.
The Co-operative Bank of Kenya Limited is incorporated in Kenya under the Company Act and is also licensed to do the business of banking under the Banking Act. The Bank was initially registered under the Co-operative Societies Act at the point of founding in 1965. This status was retained up to and until June 27th 2008 when the Bank’s Special General Meeting resolved to incorporate under the Companies Act with a view to complying with the requirements for listing on the Nairobi Securities Exchange (NSE). The Bank went public and was listed on December 22nd 2008.