Research firm Aite Group has introduced a new metric to help banks and credit unions gauge customer loyalty by analyzing what customers do, rather than what they say they plan to do. The new “referral performance score” tracks the percentage of bank customers who actually refer the bank to their family and friends.
The new score is an improvement over the widely used “net promoter score,” which captures the intentions of a financial institution’s customers to refer the company, according to Aite Group.
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