Market research can be a valuable tool for any credit union looking to better understand its members, identify growth opportunities, and make informed decisions.
Whether your credit union is looking for data to inform product development, marketing strategies, or operational improvements, Drive Research can help.
Credit Unions Choose Us for Market Research
Our Credit Union Market Research Services
As a financial services market research company, Drive Research conducts custom qualitative and quantitative studies based on your credit union's unique goals and objectives. Here are just a few of the many services our credit union market research company offers.
New Account Opening Surveys
A new account opening survey gathers feedback from new customers about their satisfaction with your services and any suggestions they have to improve the overall banking experience.
Additionally, in most cases new members had poor experiences with a competitor, causing them to switch to your CU.
A new account opening survey can measure these poor experiences allowing your credit union to understand what improvements this new member is looking for.
A member survey for a credit union can provide a wealth of data, information, and feedback to help drive decision-making.
It can help you understand how satisfied your members are with your credit union services and identify areas where you may need to improve.
By gathering feedback directly from this audience, you can make changes and adjustments that help increase member loyalty and retention.
Closed Account Surveys
A closed account survey is a feedback mechanism used to gather feedback from members who have recently closed their accounts.
The purpose of the survey is to understand why someone closed their account and to identify any potential issues that may have contributed to the member's decision.
By analyzing this feedback, credit unions can make changes to their business practices, customer service, or product offerings to reduce the likelihood of future members closing their accounts.
Online and Mobile Banking User Experience (UX) Research
Studies show the majority of consumers (61%) use digital banking services at least once a week.
UX research can help credit unions improve the mobile banking experience for their customers, making it more user-friendly, efficient, and enjoyable.
Better yet, a better mobile banking UX can give CUs a competitive advantage over other local branches, attracting and retaining members who value a seamless and easy-to-use mobile banking experience.
Branch Mystery Shopping
Conducting mystery shopping for credit unions can provide valuable, realistic insights into the member experience.
By identifying gaps in employee performance and compliance, credit unions can take corrective measures to improve their services and ensure that they are meeting regulatory standards.
Whether the mystery shops happen in person, online, or over the phone, our credit union market research company can help.
Gain valuable insights into your members' experiences and stay ahead of your competition by conducting custom credit union market research.
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What Clients Are Saying About Our Credit Union Market Research Company
Credit unions employing market research with Drive Research remain a step ahead in a highly competitive industry. It’s why we’ve earned a near-perfect 5-star Google rating. Don’t just take our word for it. Here is why our clients love working with us.
Frequently Asked Questions About Our Credit Union Market Research Services
How do you conduct credit union market research?
There are many market research options for banks and credit unions, each with its own process and steps. Here is a general overview of the process our credit union market research company follows:
Define the research objectives: The first step is to clearly define the objectives of the research. What specific questions do you want to answer? What information do you need to make informed decisions about your credit union's products, services, and marketing strategies?
Determine the research methodology: Once you have defined your research objectives, you need to determine the methodology that will be used to collect and analyze the data. This may involve surveys, focus groups, interviews, online research, or a combination of methods.
Identify the target audience: It's important to identify the specific group of people you want to study. This might include current members, potential members, or a specific demographic group.
Collect the data: With the research methodology and target audience identified, you can begin collecting data. This may involve creating surveys, conducting interviews, or analyzing data from existing sources.
Analyze the data: Once the data has been collected, it needs to be analyzed to identify trends, patterns, and insights. This analysis may involve statistical methods, data visualization, or other techniques.
Draw conclusions and make recommendations: Finally, based on the data analysis, you can draw conclusions and make recommendations for your credit union. These recommendations may involve changes to products, services, marketing strategies, or other areas.
Why is market research important to a credit union?
Conducting market research can be extremely beneficial for any organization, including credit unions. Market research can help your credit union gain valuable insights into your members' needs and preferences. By surveying your members or conducting focus groups, you can get a better understanding of what products and services they are interested in, what they value most about your credit union, and what improvements they would like to see.
How much do credit union market research services cost?
The cost of credit union market research services can vary widely depending on the scope and complexity of the research project, the specific research methods and tools used, the geographic location of the credit union, and the expertise of the research firm or consultant conducting the research.
Typically, $5,000 is the minimum cost credit unions can expect to pay for custom market research.
How long does credit union market research take?
The length of time it takes to conduct credit union market research can vary depending on a variety of factors, such as the scope of the research, the size of the credit union, and the type of data being collected. If the research is a small-scale survey or focus group, it may only take a few weeks to complete. However, if the research is more comprehensive and involves analyzing data from multiple sources, it may take several months or even up to a year to complete.
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