Our market research company works with a number of banks and credit unions to complete a variety of surveys. These include both credit union member surveys and non-member surveys to the community. Member surveys are a formal way to collect feedback from all customers.
Oftentimes without a formal process that reaches out to all members, a credit union may just hear from the extremes: those who are very happy and those who are very unhappy. Working with an independent market research firm ensures the feedback received is honest and reliable.
For a recap of our recently completed member survey with a credit union in the Albany area, read the details below.
A credit union in the Albany area partnered with Drive Research on a member market research study. Drive Research is a member survey company serving Albany and Upstate New York. The objectives of the market research included understanding member satisfaction, member loyalty, competitive differentiators, and other key performance indicators (KPIs). These and other secondary objectives were covered in this market research. The investment in market research provided the client with unbiased, credible, and representative views of its member base to guide decisions.
To address the objectives at-hand, Drive Research utilized a member survey sent via email and mail. The survey was emailed to contacts from an email address for and mailed to a random selection of contacts.
Drive Research follows an exclusive in-house approach our team has built for credit union member survey projects. Our method uses a step-by-step and task-oriented approach to project management from kickoff through completion.
The survey included a total of 19 questions and took approximately 2 to 3 minutes to complete. Fieldwork was conducted from Monday, February 12 through Friday, March 9, 2018 (4 weeks). A total of 1,894 responses were collected (a +/- 2% margin of error). The member survey produced a very strong response rate.
A total of 5 $50 Visa gift cards were raffled to survey respondents on behalf of the client to entice participation.
Although the results remain confidential with the credit union client, a summary of the survey topics and objectives are outlined below.
- First word that comes to mind when you see the credit union?
- How likely are you to recommend the credit union?
- Why (regarding likelihood to recommend)?
- How has your satisfaction with the credit union changed?
- What factor matters most when choosing a credit union?
- What is your primary branch at the credit union?
- What is the main reason you became a member of the credit union?
- How satisfied are you with each of the following aspects?
- Have you seen the credit union from each of the following?
- What types of products/services does the credit union offer?
- What additional products/services would you like offered?
- What types of banking services do you use at the credit union?
- Rate your level of agreement with the following statements.
- Which banks or credit unions do you use?
- What is your primary financial institution?
- How does the credit union compare others in your area?
- Which describes your total annual household income?
The core objectives of the market research were highlighted in the executive summary. The comprehensive report including a summary of themes, recommendations, an infographic, respondent persona, and an appendix of question-by-question results.
The core objectives were:
- Are members likely to recommend the credit union?
- What drives likelihood to recommend the credit union?
- What is most important to members?
- What do members want to see improved?
- How does the credit union compare to the competition?
- How do members interact with the credit union?
Drive Research is a credit union survey company serving Albany, NY. Our team works with banks and credit unions across Upstate New York.
Interested in receiving a quote or proposal for a member survey for your credit union?
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