“Hey, look out for that cliff!”
Is something nobody wants to hear when they’re already plummeting 300 feet to their certain demise.
Timely information is critical in almost all aspects of life. Nobody wants to discover critical information days or weeks after it would have been useful. That kind of wisdom holds true for the aforementioned pedestrian falling off a cliff, but it also applies to credit union member surveys.
When Immediacy Is Most Necessary
There are many reasons why a credit union would want real-time survey feedback. Here’s how we see it.
1. After any transaction
If your credit union is conducting transaction surveys related to specific member services, you’ll get more accurate results if you send them a survey immediately after. If you wait, the member may forget about the experience, or time and conversation may color their perception of their experience.
Sending an immediate survey ensures that your member’s experience is still fresh in their minds. Plus, it’ll feel more relevant to them, because it’s something they just did.
2. After any very negative survey response
If you have a very unhappy member, then your relationship with them is at risk. Displeased members aren’t always the most patient members, so showing them attention as quickly as possible will help resolve any issues.
If your survey platform can handle real-time surveys, then you’re in a better position to handle any overwhelmingly negative responses as they come in. Then, you—or your survey platform—can send a follow-up email to address their concerns.
Real-Time Survey Data is More Accurate
There are a few credit union member survey platforms out there. Some are generic survey tools that work for just about any business. Others are like hiring an entire survey team to strategize, deliver, and interpret results. Both work well for specific goals.
However, it’s critical to find a platform that can work with the questions and data you want, when you want. If you send a paper survey to a younger member who checks their mailbox only once every week or two, you won’t get any current data from them (if you get any at all).
Similarly, if you send an electronic survey to a member a few days or even weeks after they last visited a branch, you can’t get the kind of feedback that you need to really pinpoint any issues.
Example? Of Course!
For example, your credit union member Brenda comes into the branch to cash a check and inquire about auto loans. She’s just had her third child, and her oldest is starting soccer this year, so she’s thinking about getting a van or an SUV.
Her teller, Nick, helps her with her transactions. He helps her with her check and steers her toward a loan officer, Sharon, who discusses auto finance with her.
In a week, how likely is it that Brenda will remember Nick’s name? How well will she recall the details of her conversation with Sharon? After she talks with her partner about her auto loan discussion, will her partner’s opinion of that interaction color her perception of the experience she had?
One of the biggest strengths in real-time feedback in credit union member surveys is that it reduces the variables in the equation.
Time introduces variables as few things can.
If you’d like to read more about credit union surveys and how to use member feedback to improve your credit union, check out our blog! We keep it updated with industry news and insights whenever we can.
You can follow the links below to see more about how you can start gaining critical member insight about survey strategy.