Sep. 1, 2009 (Business Wire) -- Navy Federal Credit Union, the world's largest credit union, today announced it has received a 2009 Technology ROI Award from industry analyst firm Nucleus Research. Predictive Analytics Software (PASW®) from SPSS Inc. (Nasdaq: SPSS) has contributed to Navy Federal’s ability to improve member satisfaction, corporate expansion and increased member lifetime value.
This is the third consecutive year that Nucleus Research has recognized an SPSS customer for its use of Predictive Analytics Software providing significant return within business processes. Navy Federal has realized an incredible 1,531 percent return on its technological investment over a two-month period, resulting in an average annual benefit of almost $1.5 million, according to the Nucleus Research Assessment.
Alan Payne, manager — member research and development at Navy Federal Credit Union, said, “This award validates the important investment we made in Predictive Analytics Software to uncover greater insight into our membership and identify areas of opportunity to increase our satisfaction levels. We’re ecstatic with the results and even more excited with our continued progress to increase awareness of our products and services, and also to create new offerings that meet our members’ changing needs and behaviors.”
Navy Federal continually surveys its members to gauge satisfaction and understand sentiment related to lending, savings and checking, investments and insurance. To truly understand the Voice of the Customer (VoC) and determine the reasons why members responded — and how they would likely respond in the future — Navy Federal is using various products from the portfolio of Predictive Analytics Software from SPSS, including PASW Statistics, PASW Modeler data mining workbench and PASW Text Analysis for Surveys to analyze open-ended survey responses.
By improving customer intimacy with its membership, Navy Federal is able to better meet their changing needs and communicate on a one-to-one basis. For instance, Navy Federal quickly learned that members wanted to be informed of enhanced service offerings when dialing into the call center for account information and would be receptive to cross-servicing promotions. As a direct result, Navy Federal created an “Above and Beyond” program that encourages agents to offer those details during calls.
Payne continued, “The software from SPSS allows us to conduct an increased number of projects each year and apply a broader array of analytical methods. We are able to identify and anticipate member needs, analyze trends and provide a variety of member profiles to our business units that develop product and service offerings to meet and surpass member expectations.”
Navy Federal Credit Union is one of 10 Technology ROI Award winners chosen from a field of more than 300 applications.
