When assessing banks and credit unions, the first priority for many consumers is online and mobile banking capabilities. Especially with the rise of digital banking as a result of COVID-19, it is hard to determine whether these trends will continue after quarantine restrictions have been lifted.
In order to fully prepare for the future of banking technology, it is important to speak directly with your customers and members as well as general consumers living in your designated market area (DMA).
Recently, a New York credit union partnered with our financial institution market research company to uncover what online and mobile banking capabilities members and potential members actually want.
This information helped the credit union understand where their budget dollars should be invested - not just during COVID-19, but long after.
The banking market research study included two surveys:
- A survey with members of the credit union
- A survey with non-members who reside in the community in which the credit union serves
Interested in conducting a similar banking technology survey for your financial institution? This blog post will walk through the step-by-step process executed by our credit union market research company.
A New York credit union partnered with our market research firm to conduct a member and community survey to measure banking technology preferences.
The survey provided the regional credit union with the necessary data to better understand member and market needs in terms of digital banking, technology, and other electronic tools to aid in understanding perceptions and opportunities for the credit union.
Additionally, the credit union market research project also revisited high-level satisfaction questions and other key performance indicators (KPIs) from a 2018 survey conducted with Drive Research.
The data and findings from the market research provided the financial institution with unbiased, credible, and representative views to guide innovation within their suite of services.
How was fieldwork conducted?
Our team recommended an email member survey and an online community survey to reach the objectives of the credit union research study.
The member audience was reached through an email survey with a contact list provided by the credit union client.
The member survey took an average of 8 minutes to complete and included 24 questions. The survey received 1090 full responses. Fieldwork began on March 9 and lasted until March 26.
The reliability of this data is high. At the 95% confidence interval, the margin of error for these results is +/-2.7%.
This means if the survey were conducted with members of the regional credit union, results would yield within +2.7% or -2.7% of the totals 95 out of 100 times.
The community audience was reached through paid social media advertisements and purchased email lists to the areas served by the regional credit union.
The community survey took an average of 6 minutes to complete and included 26 questions. The survey received 201 full responses. Fieldwork began on January 31 and lasted until February 9.
The reliability of this data is high. At the 95% confidence interval, the margin of error for these results is +/-6.9%.
This means if the survey were conducted with another 200 random community members, results would yield within +6.9% or -6.9% of the totals 95 out of 100 times.
Here are three main benefits of conducting a non-member community survey.
The report included the background and methodology, an executive summary of themes with recommendations, infographic, respondent personas, and the next steps for market research. The appendix contained a detailed question-by-question breakdown of the results.
Here are each of the questions addressed by market research:
- What online and mobile banking services are the most important?
- What services are preferred?
- How aware is the community of the regional credit union?
- What banks and credit are used the most?
- How satisfied are consumers with their PFI?
- What is known about the regional credit union?
- What do members want from the regional credit union?
This comprehensive report will assist the credit union with marketing and business strategies for the remainder of 2020 and beyond.
Want more market research insights for banks and credit unions? Check out these 4 bank and credit union survey findings that will shock you!
Drive Research is a banking market research company that works with local, regional, and national banks and credit unions across the country. Our services including both qualitative and quantitative market research.
Interested in receiving a proposal for a member or community survey for your financial institution. Contact us through any of the four ways below!