82% of Solva.kz customers are ready to recommend service
Consumer confidence index to MFIs is higher than the same indicator in the banking sector of Kazakhstan. More than 80% of users are willing to recommend this service to their acquaintances and friends, as it follows from the survey of the Consumer Loyalty Index (NPS) conducted by Solva among its customers.
The average NPS for microfinance institutions is higher than in the banking sector. Solva’s NPS index was 72 points. According to the research company 4Service Group, the consumer satisfaction index with services and products (Net Promoter Score) of commercial banks in Kazakhstan in 2018 ranged from 14 to 34.8 points. According to the Internet service delighted.com, this is comparable to the average world value of the index in the banking sector. Currently, it is only 32 points. However, in Russia, consumer loyalty to banks is even lower. The average value of NPS for the banking market in 2019 in the neighboring country was 14, according to the NAFI study.
Typically, in order to determine the level of NPS, the consumer must answer the question “What are the chances that you recommend a company, product or brand to your friends, acquaintances and colleagues?” on a 10-point scale, where 0 corresponds to the answer “I’d recommend in no case”, and 10 to the one «I would surely recommend it» . Based on the received answers, consumers are divided into promoters, i.e. those who support the company (9-10 points), neutral consumers (7-8 points) and dissatisfied (0-6 points). NPS is calculated by subtracting the number of dissatisfied from the number of promoters. For example, supporters of the Solva service as a result of the study amounted to 82%, critics — 18%, NPS index was 72.
The index of Kazakh MFIs is higher than the average in the world retail market — 35, the fast food industry — 30, hotel business — 37, than airlines — 37. However, companies like Amazon, Cotsco or Apple NPS can reach 90 points. Marat Bekzhanov, CEO of Solva: “To get a loan in Solva having smartphone and access to the Internet is quite enough. It is the new customer experience, the impression of the speed and convenience of the lending process that causes positive perception you wish to share. We regularly measure the NPS index, strive to make the service convenient and now almost 90% of our customers are those who return again.”