As a market research company in NY, Drive Research works with a variety of industries to become more successful by extracting insights from surveys to accelerate business strategy. A great type of market research methodology used to uncover these findings are customer satisfaction surveys.
Perhaps the most-well known type of marketing research survey, customer satisfaction surveys are a formal way of simply asking consumers for feedback. Often times, general audience feedback can lead to surprising industry trends.
A primary focus for Drive Research and a great example of discovering surprising consumer trends and misconceptions through customer surveys, are banks and credit unions.
In this blog post I’ll outline three key findings discovered through customer satisfaction surveys with our bank and credit union clients.
Discover why banks and credit unions are uncovering key business findings with customer satisfaction surveys.
Customer satisfaction survey questions for banks and credit unions
Customer satisfaction surveys are designed to measure and better understand the levels of customer loyalty. However, it is easy to overlook critical questions that could prove useful to your business.
Working with a market research firm who specializes in bank and credit union surveys for your customers and members will save you time and ensure your project runs successfully.
For example, we asked customers of our banking and finance clients questions like:
- What factor(s) matter most to you when choosing a banking institution?
- What aspects of your experience with X Bank are you satisfied with? What aspects are you unsatisfied with?
- What channels do you prefer to use for your banking transactions?
- How frequently are you using these channels?
Here are 5 more questions you should be asking in your bank or credit union survey.
Key Finding #1: Growth of Mobile and Online Banking Services
The customer satisfaction surveys allowed our clients to see the level of satisfaction customers had with their online and mobile services.
If satisfaction was low, our clients made major modifications to these applications being that the majority of the day to day business transactions were happening here. This would be a major missed business opportunity if their digital banking services were not up to par with the rest of the industry.
Take a look at the graphic below to see the changing landscape for banking transactions completed through telephone, mobile, online and branch locations.
Key Finding #2: Importance of Branch Experience for Financial Institutions
With the rise of mobile and online banking, one may assume that branch experience is less of a priority for customers. However, our research has shown that this is more important than ever as a positive experience will lead to customer loyalty and satisfaction.
Where the majority of the day to day business transactions may take place online, the big ticketed items like setting up a new account or issues with an existing account are still being resolved face to face.
If a customer is only visiting their bank one to two times a year, it is crucial that their needs are sufficiently met. If not, this will likely discourage customers from continuing their membership and instead move their account to a competitor.
These findings ultimately led to extensive employee training on branch experience to assure their banking institution was seen as a credible resource for customers.
Key Finding #3: Bank and Credit Union Communication Channels
The answers to these questions led us to see the difference in expectations for each communication channel within banks and credit unions. For example, if a customer were to email their banking institution, they’d likely expect a response by end of business day.
However, if they chose to use the live chat function on the bank’s website, they’d expect an instant response. This information in turn impacts how our banking clients set up their site to meet these customer “deadlines.”
If a banking organization doesn’t have a team who can respond instantly via live chat, then this is a functionality they’d want to remove from their site. Not meeting customer expectations will result in a poor user experience.
Drive Research is a market research company located in Syracuse, NY. Our team has the knowledge and tools to design a robust survey specifically for your bank or credit union, 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.