A customer satisfaction survey is one of the most common forms of market research conducted at a bank or financial institution. It's the simple process of reaching out to customers and requesting feedback. The feedback is analyzed and actions are taken on the results to improve the customer experience (CX).
Several benefits are realized through a bank survey. First off, if it is the first time you are measuring customer satisfaction you can create a benchmark or baseline to measure future studies against to see how results have progressed.
Secondly, it helps you better understand strengths and weaknesses at your bank through a simple SWOT analysis. Opportunity areas are identified to make improvements. The customer satisfaction data can also help profile customers into segments and personas for marketing efforts.
Still have some questions about customer satisfaction surveys for banks?
Here are 3 common FAQs and some answers for each.
Wondering how to get started with a customer satisfaction survey at your bank or financial institution, we are here to answer 3 basic FAQs.
How much does a customer satisfaction survey cost?
This depends on a few factors. The first is methodology. Online surveys through email are far less expensive than surveys conducted by phone or through mail. The second factor is the number of customers or number of completed surveys you desire. If you want to send an invitation to all customers it is more expensive than surveying a random pool of 4,000 customers.
The biggest takeaway here is the market research budget is flexible. Finding a customer satisfaction survey company for banks that will work with you to design a study that is both statistically reliable and budget-friendly.
How long does a customer satisfaction survey take?
This is somewhat dependent on the methodology as well. Online surveys through email will take about 5 weeks from start to finish. This includes time from kickoff through report. Phone surveys are likely to take 6 to 8 weeks because it involves dialing records and making several attempts to connect with customers. Mail surveys also approach the 8 week mark because it takes time to print, assemble, mail surveys, and then wait for a response to begin data entry.
What is the customer satisfaction survey like from start to finish?
Here are the basic steps involved with a customer satisfaction survey project:
Proposal to outline the objectives, scope, timeline, deliverables, and final cost.
Kickoff to discuss survey questions, process, and answer any questions.
Workplan to highlight deliverables, due dates, and responsible parties.
Survey Design to draft survey questions, print, program, or create call script.
Testing where a soft-launch or test drive is used with a small sample of customers.
Fieldwork is when the full launch of the survey begins after testing is complete.
Analysis is started once fieldwork is complete. This includes quality checks of data.
Report includes an executive summary, recommendations, infographic, and other items.
Debrief to discuss the report and results of your customer satisfaction survey.
Contact Our Team
Drive Research is a customer satisfaction survey company for banks and credit unions.
Interested in conducting a survey at your bank or financial institution? Contact us at email@example.com or call us at 315-303-2040.