When you think about member experience stats at your credit union, do you think of hard metrics or do you think about the intangibles? There’s a lot to be said for either of them.
So, which stats should your credit union measure? We like to say, “all of them.” But we know it’s better to be realistic. So, let’s explore each.
Typically, when someone uses a word like “statistics” or “stats,” they’re referring to very measurable quantities or values. Stats are basically analytics, and they’re designed to give you some kind of objective view of a situation.
- Net Promoter Scores (NPS) measure member satisfaction by asking how likely they are to refer the credit union to a friend or colleague.
- Customer Effort Scores (CES) predict member loyalty by asking how easy the credit union makes any interaction—from applying for a loan to online banking.
Both the NPS and CES give hard numerical values for results. However, both values are highly relative, and they’re no more informative than the “soft” stats below.
Soft metrics are metrics you can feel or observe, but you can’t measure with numbers. Whereas hard metrics provides scores or numbers, soft metrics provide insight.
There are several soft metrics your credit union should track:
- Understand where your friction points are by using transaction surveys. Instead of giving an effort score, this feedback shows you were (and how) to focus your efforts.
- Consider the number of conversations you have with your members. Surveys give you the opportunity to follow up with members.
- Number of staff reached. When thinking about members, it’s easy to forget that staff are their major touchpoints. Using member experience to inspire or influence employee behavior is huge.
- The number of insights gained isn’t something easily measured, but it’s important nevertheless. Every member transaction yields meaningful insights. And better insights yield better experiences.
Soft member experience stats are certainly harder to measure than hard ones. They can’t always be put on a report for the board that shows how much you’ve improved, at a glance. Yet they’re also key attitude and culture drivers for credit union employees.
Hard stats can help you identify strengths and weaknesses, track goals, and improve service. Soft stats aid with refining your approach, increasing accountability, and… improving service.
The truth is that both hard and soft metrics are useful to your credit union.
If you like numbers and metrics, try our free credit union NPS.
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