November 17, 2022 – The original goal of the NPS was to better understand what customers felt about a service or product they experienced. Since its introduction, some studies have shown the advantages of NPS while others criticized it. Recently, that critical view of the method has been increasing, especially as cultural, social, and political conditions have changed.
This report provides background on the NPS and its advantages and drawbacks, and it reviews current alternatives and recommends several approaches to use available customer experience measurements. It is based on qualitative discussions with CX professionals in the financial services and insurance industries, as well as a 2022 survey of 210 institutions conducted.
Clients of Aite-Novarica Group’s Customer Experience or Retail Banking & Payments service can download this report and the corresponding charts.