As a credit union, avoiding member attrition is just as important as acquiring new members. In fact, it may be more important. So, finding ways to keep people from leaving should be a high priority.
Surveys are often used to assess member satisfaction and encourage them to increase engagement. Frequently surveying members often reveals opportunities for improving branches, products, mobile apps, and more. In turn, these improvements will (theoretically) keep members happy so they won’t leave.
But some members will leave. What about them? Is there value in surveying lost accounts?
The response rate from lost accounts may be low, but understanding why a member left will help you make changes to avoid losing someone else. Surveying your lost accounts could uncover problems you didn’t know you had.
How does Surveying Lost Accounts Improve Credit Union Member Attrition?
The worst way to end a relationship is without explanation. Just like our relationships with people, understanding why your members are ditching their credit union accounts is a lesson in how to improve. Bettering what you have to offer—whether that’s improving your membership perks, changing your protocols, or fixing up glitchy apps— can only be done when you know what “better” looks like to your members.
If a member left your credit union because they were unhappy with some part of your service, knowing so gives you insight about what matters the most to your members.
For example, let’s say you survey 100 lost accounts and 50 of them reported that they wanted more financial advice. You can conclude that your membership demographic values financial planning. That information gives you a direction. You know that your resources should be spent on improving financial planning outreach, programs, and offers.
Now, out of those same 100 surveys, no one mentions that they are dissatisfied with customer service. You could safely maintain training and procedures for employees without spending excess resources to further improve members’ service experience.
Instead, you can focus on bettering your financial planning—and maybe revisit service improvements once your numbers are up.
Leading Reasons for Member Churn
The best question you can ask a lost account is simple:
“Why are you leaving our credit union?”
Keep it open ended and see what they say. This is an area where open-ended questions allow people to provide any amount of answers, clarity, feedback, etc.
However, you might also consider asking more pointed questions as well. Here are a few common reasons for member churn—and some potential questions to ask about each. (You don’t need to include all of these questions. In fact, survey response rates for lost accounts will probably be low, and a lengthy survey would further reduce that number.)
1. Your Competitors Offer More
- Did we meet your expectations for membership perks?
- Did you feel like we valued you as a member?
- Did you choose to go with another credit union or bank? If so, was it because
- They offered better loan opportunities
- The offered more financial advice and education
- Their location is more easily accessible
2. Your Customers Aren’t Engaged
- Did you feel that we were engaged in the community?
- Did you feel that information about your accounts and opportunities was easily accessible?
- Did we offer you financial advice or suggestions that helped you with your financial planning?
- If you visited more than one of our branches, did you feel like you had consistent quality experience at each of them?
- If not, in what way did they differ?
- The employee atmosphere varied by location
- Your service time varied by location
- Were your telephone interactions as satisfactory as face to face interactions?
4. Technical Issues
- Did you use our banking app?
- Did you have issues with crashing or glitching?
- Did you feel the app was easy to navigate?
- Did you receive e-statements?
- Did you receive them promptly?
- Did you feel that statements were easy to read and understand?
Surveying Lost Accounts Will Improve your Numbers
Without asking why your lost members were dissatisfied, avoiding further membership attrition is a shot in the dark. You need feedback about where to focus your energy.
Another advantage to surveying lost accounts is the chance to make a game-plan for handling an unhappy customer in the future.
Satisfying your dissatisfied customers will improve their loyalty. Your reputation in the community will improve, and your efforts may even encourage lost members to return!
Surveying lost accounts reduces member attrition by asking the right questions. The best way to start might be a simple, “Why did you leave [our] credit union?” If people felt strongly about their relationship with your credit union, they’ll have something to say. Surveying lost accounts will improve your membership attrition and help you keep your customers happy and loyal.