Credit Unions Member Survey Programs

Kinēsis employs a loyalty based approach to program design. This approach helps our clients identify and reinforce service attributes which drive loyalty. This approach helps clients focus training, coaching, incentives, and other motivational tools directly on the elements of the member experience that will produce the largest return on investment.

Helping credit unions manage both employee and member behaviors in a profitable way.

 

Kinēsis’ survey programs are used by credit unions to fulfill a variety of research purposes. Typical research purposes include:

Post Transaction: Get real time feedback from your members.

Post-transaction surveys are event-driven, where a transaction determines if the member is selected for a survey. As the name implies, the purpose of this type of survey is to measure satisfaction with a specific transaction. Specific objectives may include:

  • Measure satisfaction with a specific transaction
  • Identify the key drivers of transaction satisfaction
  • Measure the influence of transaction satisfaction on customer loyalty
  • Link research to action by identifying behaviors which drive satisfaction
  • Link research to financial measures to determine the relationship between branch post-transaction satisfaction and certain financial metrics such as branch deposit growth

Opened Account: Identify drivers of account acquisition.

Open and closed account surveys identify sources of run-off or churn to provide insight into improving member retention, as well as determining the reasons behind new members' selection of the credit union for a new deposit account or loan – providing valuable insight into new member identification and acquisition. Specific objectives may include:

  • Determine the key drivers of member acquisition
  • Identify the key drivers of member frequency of use/purchase
  • Evaluate the member image and perception, and its influence on member acquisition
  • Determine who in the household makes purchasing decisions and how those decision are made
  • Identify market segments or clusters
  • Evaluate member loyalty and the drivers of loyalty

Closed Account: Identify drivers of account defection or churn.

Open and closed account surveys identify sources of run-off or churn to provide insight into improving member retention, as well as determining the reasons behind new members' selection of the credit union for a new deposit account or loan – providing valuable insight into new member identification and acquisition. Specific objectives may include:

  • Determine the key drivers of member defection or churn
  • Determine the relationship of retention or churn to member satisfaction and profitability
  • Identify characteristic of product/provider switchers

Satisfaction: How satisfied is your membership?

General member satisfaction surveys measure member satisfaction among the general population of members, regardless of whether or not they recently conducted a transaction. In effect, every member has an equal probability to being surveyed. Specific objectives may include:

  • Determine the level of overall satisfaction with the credit union
  • Determine the level of satisfaction with respect to the five dimensions of satisfaction:
    1. Reliability: ability to perform the promised service dependably and accurately
    2. Responsiveness: willingness to help members and provide prompt service
    3. Assurance: knowledge and courtesy of employees and their ability to convey trust and confidence
    4. Empathy: the caring, individualized attention the firm provides its customers
    5. Tangibles: appearance of physical facilities, equipment, personnel, and communication materials
  • Diagnose the causes of satisfaction or dissatisfaction
  • Determine key drivers of credit union satisfaction
  • Measure change in credit union satisfaction over time
  • Measure the relationship between satisfaction and both member profitability and purchase/retention behavior
  • Link research to action by determining which business functions can most improve member satisfaction and increase financial return

Image/Positioning: Determine how your community feels about you.

These surveys are used to determine the credit union’s satisfaction, general image, and wallet share among its membership. Specific objectives may include:

  • Determine if the member considers the credit union their primary financial institution
  • Identify the drivers of selection of a primary financial institution
  • Determine the credit union’s share of members’ wallet
  • Evaluate the credit union’s image
  • Evaluate if the image is consistent with marketing emphasis
  • Determine if the image varies by market segment
  • Compare image with the competitions

As you can see, these surveys are typically more strategic in nature, answering such questions as how the credit union is positioned among its customers (or non-customers).

 

Loyalty/Wallet Share: Identify experience drivers of member profitability.

These surveys are used to evaluate member loyalty to the credit union. Specific objectives may include:

  • Determine if members consider the credit union their primary financial institution
  • Understand why a member chooses a primary financial institution
  • Measure member perceptions of the credit union's member advocacy
  • Evaluate members’ referral activity
  • Calculate referral likelihood
  • Determine actual referral behavior
  • Determine how members assess the value the credit union creates
  • Evaluate changes in member purchase/referral behaviors over time

 

 

“Kinēsis delivers a refreshingly simple and user-friendly web publishing system, backed by a professional and responsive team. The feedback serves as a great training tool and the information has had a great impact on our overall customer service achievements.”

- Kim Piotrowski, Columbia Bank