Operations have drastically changed for most credit unions since COVID-19. There isn’t much “business as usual” going around.
Some changes were unexpected (like extended branch closures). Some changes were expedited implementation of new services (like virtual tellers).
Gauging how your members feel about those changes is vital to your relationship.
One of our long-time partners showed us how they used a survey to connect with their members during this crisis.
14 thousand direct members were selected to participate in the survey based on the following criteria:
- 16-75 years old
- Have an active email address
- Reside within a predetermined zip code
Over 758 members took the 6-question survey! The credit union was also able to collect and sort over 200 comments!
The survey questions were answered on corresponding Likert scales regarding:
- Member sentiment
- Financial comfort
- Social distancing
- Special loan products
- Protecting employees
- Digital service options
The survey results were sorted by age group and answer to gauge member satisfaction across demographics. Then, comments were sorted by topic.
We won’t go into the nitty gritty of the numbers here, but overall, the results were encouraging!
The credit union found that by providing a survey as a communication platform they were able to:
- Effectively troubleshoot complaints
- Gain insight to the composition of their members
- Gain confidence as a community business
- Strengthen member trust
- Become better prepared for future complications
- Learn about which channels members are using
Their Members and Yours
Besides basic financial services, the most valuable thing a survey offers is connection. Connecting is hard when we’re trying to maintain 6-foot bubbles, and staying home.
A survey helped one credit union connect to more than 750 members when they needed it most.
Their results offer insight to how other credit unions can connect with their own members.
1. Member Sentiment
They found that the majority of their members have adapted well to operational changes. Most appreciated the COVID-19 related safety measures.
2. Social Distancing
While the health of employees and members is stake, precautions must be taken. Rules vary at the state and even county levels. So, implementing new procedures isn’t always cut and dry.
The ultimate goal is to serve the community to the best of your ability. There may not be much you can change for members who aren’t happy about COVID-19. But at least you can apologize for the inconvenience, and thanking them for sticking with you.
3. Special Loans/Products
More than half of respondents showed interest in pandemic related loans and products.
With that affirmation, it’s reasonable to direct more resources to promoting those services. It’s an indication that emails, texts, and promotions could be well received.
4. Digital Service Options
The survey found an explosion of first-time digital channel users! As we continue to practice social precautions, feedback about these services is crucial. Member relationships are a lot less about the smiling teller and a lot more about user-friendly digital experience.
The credit union developed their survey to gauge member response to COVID-19 changes. They were able to connect, analyze usefully data, and reach out to the ones who needed it.
While most of the survey results were great, more than a third of the comments were complaints.
It’s disheartening to know a member is unhappy, but the survey still succeeded in serving them.
Those members might not have come forward with their complaints and concerns without a gentle nudge. The credit union was able to reach out and troubleshoot immediately.
Prompt response and reconciliation of complaints prevents churn. It also solidifies a member’s trust in their credit union. This pandemic offers a unique chance to prove that when times get tough (like, really tough), you’re still “Team Member.”