A Guide to Effective Credit Union Customer Surveys
Credit unions tend to use the term “member” when discussing those who use their services, but in many industries, we use the term “customer”. The goal is to retain the customers we have and to gain new ones. There are many tools we have to do this, but one way to ensure we are doing what works and finding what we can correct is the “customer satisfaction survey”. Recently there was an article on Forbes about how these can sometimes have the detrimental effect of losing customers. Enhancing member satisfaction by using customer satisfaction surveys can be beneficial if done correctly.
Customer satisfaction surveys are a valuable tool for credit unions to gather feedback, identify areas for improvement, and ultimately enhance the overall member experience. To ensure that surveys yield actionable insights, it’s essential to craft clear, concise, and targeted questions, use a variety of question types, make the survey easy to complete, and time it appropriately. The biggest lesson from that research, and other sources, is to ensure the survey is not “too long”. Value your members’ time with less work for them. To the surprise of some, most people claim they are willing to complete such surveys if done in the right circumstances. Remember though, not everyone will want to do a survey, and to force it on them will cause resentment towards your brand.
Some industries have an adage of how it is only those with a negative reaction to a company are the ones who will leave a review, but when it comes to surveys it seems that many people will choose to not participate in a survey if they have a bad experience as they would prefer to avoid more interactions with the company. To avoid this situation one should ensure the members never have a bad interaction with the credit union, but we know this is near impossible. That doesn’t mean you shouldn’t strive for it though.
Additionally, incentivizing participation, analyzing results effectively, and closing the loop by communicating findings and taking action is crucial for enhancing member satisfaction and building loyalty. For example, credit unions can tailor questions to their specific audience, focusing on key areas such as loan processing times, digital banking services, or branch interactions. Using multiple-choice, rating scales, and open-ended questions, credit unions can gather quantitative and qualitative data to gain a comprehensive understanding of member sentiment.
To make surveys easy to complete, credit unions should ensure that the study is mobile-friendly and requires minimal effort from members. Timing is also crucial; surveys should be sent at the right time, such as immediately after an interaction or at a specific point in the member journey. Incentivizing participation can increase response rates and provide more valuable data. Credit unions can offer rewards, such as discounts or giveaways, or simply emphasize how member feedback will be used to improve their experience. Once survey results are collected, credit unions should analyze the data to identify trends and areas for improvement. By taking action based on member feedback, credit unions can demonstrate their commitment to enhancing member satisfaction and building loyalty.
Finally, it’s important to communicate the results of surveys to members and show appreciation for their participation. This helps to build trust and reinforces the credit union’s commitment to continuous improvement. By following these best practices, credit unions can create surveys that provide valuable data and drive continuous improvement. These surveys are just one more piece of the customer experience for your members and so you want to value their time and input.
Best Practices Checklist
- Craft clear and concise survey questions.
- Use a variety of question types.
- Make surveys easy to complete on mobile devices.
- Time surveys appropriately.
- Offer incentives for participation.
- Analyze survey results thoroughly.
- Take prompt action based on feedback.
- Communicate survey findings to members.
- Address negative feedback effectively.
