There are two different kinds of member experience metrics that credit unions typically measure:
Hard metrics and intangibles.
Both reveal important, actionable insights—in different ways. Whereas “hard metrics” provide some kind of standardized score, “soft metrics” look for insight that’s hard to quantify with a simple number.
So, which stats should your credit union measure? There’s a case for all of them, but you should start by choosing those that address immediate needs. Often, this means one of the “hard metrics” and some transaction surveys. We’ll explore them further in this blog.
What we’re calling “hard metrics” here refer to standardized tests that produce measurable quantities or values. The advantage of these metrics is that millions of data points have been collected over years. So, the value of the metrics is proven, and people can generally correlate a result to actionable insight.
Two of our favorite survey stats for credit unions are the Net Promoter Score and the Customer Effort Score.
- 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 things you can feel or observe, but you can’t necessarily measure with a catch-all number. 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. 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 of course, improving service.
The truth is that both hard and soft metrics are useful to your credit union.
Download our 12 Month Survey Roadmap to see how you can begin surveying your members today!