Credit union member surveys measure member satisfaction across a broad range of metrics. Credit unions can use this member feedback to add, eliminate, promote, or refine products and services. Survey responses can also help credit unions pinpoint problem areas and pain points to be addressed.
Credit unions have many tools at their disposal when it comes to giving out member surveys. There are strengths and weaknesses associated with each tool. In this article, we’ll explore three major survey tools that credit unions can use. Each tool is a little different, and so while one might be a good fit for Credit Union A, it may not work for credit union B.
Credit Union Member Survey Shootout!
Before we dive into the nitty-gritty details, we’d like to throw in some disclaimers.
- This list is far from exhaustive
- All three options listed provide high-quality services
Okay! That was easy! Now, onto the good stuff.
The SurveyMonkey platform is the largest and most popular survey tool on this list. However, that’s because SurveyMonkey is a generic survey tool that can work for just about any industry.
SurveyMonkey is intuitive and easy to learn. They even offer a free version for individual users. Their business and enterprise plans cost much more than their entry-level plans, though.
Credit unions would need to spend several hundred dollars per month to gain the kind of features that LiveSurvey and Member Loyalty Group offer natively. For example, to get unlimited responses, white-labeled surveys, skip logic, and phone support, you’ll need their premium enterprise plan.
- Many templates
- Easy to use
- Included analytics tools handle simple datasets
- Optimized across PC and mobile platforms
- Not CU-specific
- Browser-based (won’t integrate with outlook, e.g.)
- Can’t easily export survey results for presentations
- Doesn’t fit with credit union core software, so transaction surveys must be identified and sent manually
LiveSurvey is a CUSO built to address credit-union-specific issues. However, their platform is flexible and intuitive enough that credit unions could use it to ask any question they want to. (Let’s just hope they keep it appropriate for polite company!)
LiveSurvey’s platform includes templates, support, an easy-to-read survey dashboard, and bounce statistics to help credit unions scrub their email lists. LiveSurvey’s best feature is its automated real-time survey administration—within minutes of any member transaction, LiveSurvey can automatically send a survey to that member. All results are collected and displayed in real-time as well.
The downsides of LiveSurvey come from the fact that it’s not a fully-managed solution. As with SurveyMonkey, credit union employees will have to manage their surveys and interpret their results themselves.
- Real-time survey delivery and results
- Group responses by member segments
- Highly customizable
- Automatically sends surveys within minutes of a transaction
- Automatically follows up with extremely dissatisfied members
- Not fully managed
- Doesn’t make management or strategy recommendations
- Can’t send paper surveys
- Moderate setup cost
Member Loyalty Group ($$$$$)
Member Loyalty Group is another CUSO dedicated to helping credit unions better understand their members and employees wants and needs. They’re a fully-managed survey solution that provides extensive support, interpretation, strategy advice, and metrics.
Member Loyalty Group caters to credit unions that have more spare money and less spare time. Member Loyalty Group can handle the entire survey process—they can identify who to survey about what, when, and then explain what the results mean. Finally, they can make recommendations on how to act on member feedback.
Because they’re a fully-managed credit union member survey provider, they’re not as flexible or agile as SurveyMonkey or LiveSurvey. The real caveat for their service is their price tag, though. You can expect to shell out a considerable sum to retain their expertise.
Member Loyalty Group Pros
- Interpret data for you
- Provide analysis and recommendations
- Can send paper surveys
Member Loyalty Group Cons
- No real-time survey dashboard
- Not as customizable as other options
- Requires outside data interpretation and presentation
- Very expensive
Which Credit Union Member Survey Platform is Right for My Credit Union?
Ultimately, the answer to that question can be answered only by your credit union.
If you’re looking for a generic, intuitive survey tool, and if you don’t want immediate member feedback, SurveyMonkey might be your best bet.
If you want a user-friendly, highly-customizable, credit-union specific survey tool that automatically sends surveys and displays results on an easy-to-read dashboard, then LiveSurvey might be for you.
If cost is no object and you want a fully-managed survey solution, Member Loyalty Group provides in-depth analysis and data interpretation to keep your credit union competitive.
If you’d like to read more about what you can do with credit union member surveys, follow the links below!