Many banks and credit unions across the country utilize market research data to greatly improve their business and marketing efforts. The findings from bank or credit union market research ultimately allows a financial institution to make better overall decisions regarding member experience.
A bank or credit union looking to conduct market research has many, quality methodologies to choose from. Whether your financial institution is hoping to measure customer satisfaction, brand perception in the community, or member loyalty - market research can provide the answers and insight you are looking for.
Watch as our bank and credit union market research company outlines 4 critical surveys every financial institution should consider conducting.
Grow your share of wallet with members by instituting one, or all of these surveys specific for a bank or credit union.
Customer satisfaction surveys for banks or credit unions
Customer satisfaction surveys allow a bank or credit union to dive deeper into member experience and better understand what drives high or low customer satisfaction. Not only do these types of surveys measure customer satisfaction, but also net promoter score (NPS).
NPS shows how likely members are to recommend your financial institution to family, friends, co-workers, etc. A bank or credit union market research company can then compare these results to your competitors.
For this reason, it is important to conduct regular customer satisfaction research. It is not a one and done methodology. By distributing customer satisfaction surveys on a monthly, bi-monthly, quarterly, or annual basis your financial institution is able to collect regular benchmarks. These benchmarks allow your bank or credit union to compare and contrast customer satisfaction survey feedback over time.
For example, a customer satisfaction survey conducted in the first quarter showed customers were least satisfied with the lack of special discounts or rates offered by a bank. The bank then created a special offer on one of their services during the second quarter. When the bank conducted their second-quarter customer satisfaction survey, they were able to see if this new special offer moved the needle in improving member satisfaction.
New accounts surveys for banks or credit unions
With any new client or member, it is important to get off on the right foot. New account surveys allow banks and credit unions to set a tone with their new customers that says, "We care about the needs of our members no matter how long they have been with our financial institution."
Most likely, a new member is giving their business to a bank or credit union because they were unsatisfied with their experience at their previous financial institution. A new account opening survey with your bank or credit union immediately showcases your appreciation and gratitude for their switch.
A new account survey is not restrictive to personal customers opening a checking account or taking a auto loan, but businesses starting an account with you as well. Treat every customer, member, and client equal.
Learn more about the benefits of new account opening surveys and what this process entails for your bank or credit union.
Transactional surveys for banks or credit unions
Transactional surveys measure all of the important customer touchpoints within the branch and online member experience. A transactional survey is just what it sounds - a type of market research which collects feedback on a customer's experience while having some type of interaction with an organization.
This "interaction" can be specified toward a particular industry or business. What do transaction surveys typically measure for banks and credit unions? Here is an example.
A credit union launched their new banking app a year ago and is partnering with a market research company to conduct transactional surveys. Their objective for this transactional survey is to detect common challenges with a variety of key customer touchpoints, among members who have used the mobile banking app in the past 6 months.
The customer touchpoints include:
- Transferring money between a checking and saving account
- Paying a bill
- Depositing a check electronically
- Sending money to relatives, friends, etc.
Image and awareness surveys for banks or credit unions
A common reason our bank and credit union clients reach out to Drive Research is to better understand and improve their branding.
We often recommend image and awareness surveys because this type of market research for financial institutions aims to measure brand awareness (unaided and aided), perception, word associations, and sentiment among members and non-members.
By surveying a random sample of both banking members and the general public, an image and awareness survey is able to define total awareness against major competitors. This type of study also showcases major differentiators your branch has over other banking and credit unions. This information should be largely displayed in all marketing efforts.
Learn more about measuring brand awareness and brand equity.
Contact Drive Research
Drive Research is a market research company located in Syracuse, NY. Our team has the knowledge and tools to design a robust market research study, should it be the right fit for your business.
Interested in learning more about our market research services? Reach out through any of the four ways below.