Groups: Members and titles etc

I see that each person has a title/status above their name like "member" or "group admin".

I would like to see the option to create our own titles and give them to people,like have 3 main titles:-

-Admin
-Mod/Respected/Staff
-Member

Then we can make 2 or 3 custom titles which we can add into the list as well.

Something small,but it's a little feature that adds customizability and something more personal yet again on top of everything we already have.