When you survey your credit union members, what do you want to find out? Chances are, you’re not just looking for a direct answer to a specific question. You’re probably looking for a general picture of what your members experiences are.
Credit union member surveys measure member experiences and overall satisfaction. In a way, they measure loyalty and appreciation. Survey strategies do best when they address the building blocks of member loyalty.
Here are the three tenets to credit union member loyalty that you should incorporate into your survey questions:
Aside from money, credit unions also operate on the social currency of trust. Your members trust you with an astounding amount of personal and financial information. They’ve chosen your credit union because the believe your credit union will keep their information safe, secure, and private.
Members also trust that your credit union has their best interests at heart. They trust that you’ll offer them good interest rates, fair loan terms, and strong financial advice or planning.
At least one of your member survey questions should address member trust in some way. Do your members feel like their trust in your credit union is well-placed? Do they shop for other financial services? Do they trust that your credit union can help them make the best choice for them?
Another issue related to trust is accuracy. It may seem elementary, but it bears noting here: your members don’t want slip-ups, hiccups, or mistakes.
At least one of your credit union member survey topics should ask about accuracy. Did the member’s teller deposit their money into the right account? Did your financial consultant explain the member’s loan terms well? Is the online bill pay feature buggy, or does it ever pay a day late?
Members assume that their credit union is going to follow through on their duties. They don’t want to fix mistakes made on the part of their financial institution.
Much of member loyalty is driven by their perception of how convenient a credit union’s products and services are. Higher convenience correlates strongly with higher loyalty.
Convenience is critically important. Many people choose their financial institutions based entirely on locational convenience.
Similarly, nobody wants to jump through hoops if there’s an easier option out there. Why wait in line for ten minutes if the credit union down the street has more tellers? Why go through a five-step authentication process when another financial institution can log you into their app with a thumbprint?
At least one of your questions should relate to convenience. You want to make sure you’re reducing the friction for transactions, member access, or even ATM locations.
Above all, your surveys should be brief. You don’t want to be a burden on your members and make them do all the work (convenience, remember?).
The best part of keeping the above the tenets in mind is that they speak to the root of why members chose your credit union. By tailoring your questions to measure their trust, your accuracy, and the ease with which they use your services, you can get a clearer picture of their experiences and expectations.
If you’d like to read more about credit union member survey strategies, follow the links below. Or, if you’d like to see how you can start surveying your own members, you can sign up for a demo.