As an employee credit union, chances are your members interact with your financial institution daily.
From online banking, ATMs, call centers, buying groceries, financing large purchases, and everything else in between, your credit union plays a role.
A credit union member survey can be used to better understand a variety of research objectives as part of an effort to improve relationships with members, offer more personalized financial products and services, improve marketing strategies, and much more.
With this many interactions, it is important to understand your members’ experiences with your credit union and how your involvement in their day to day lives has shaped their opinion surrounding your brand.
In this case study, Drive Research, a credit union market research company, will explain give an overview of a recent member survey for an employee credit union.
We’ll explore the credit union’s objectives, our market research approach, example member survey questions, and the member survey outcomes.
Employee Credit Union Member Survey Objectives
An employee credit union partnered with Drive Research to conduct a member survey with the goal of addressing a wide range of market research objectives.
The objectives of the member survey included:
- Better understand member satisfaction
- Increase member loyalty
- Collect information on competitive differentiators
- Understand any other key performance indicators (KPIs)
These goals and other secondary objectives were explored in the member survey for the employee credit union.
Approach to the Employee Credit Union Member Survey
Our financial services market research company recommended using a mail survey so all members of the financial institution could be randomly chosen to be part of the market research over time.
Drive Research decided to split the survey up into three waves to reach a wider range of the credit union’s members.
Although less common today, mail surveys are a more personal way to reach out for feedback and collect responses from a wide range of members from all demographics. If you are interested in using this methodology, here are four situations it makes sense to use a mail survey.
Once members received the mail survey, survey respondents also had the option to complete the survey online by entering a unique ID code.
The combination of these benefits created a strong ROI for the credit union, as the hybrid market research approach allows the mail/online survey to reach a broader range of generations and other demographics.
Drive Research followed an exclusive in-house approach our team has built for mail survey projects and abided by industry best-practices for the member survey.
Details of the Employee Credit Union Member Survey
Length of the Member Survey
- The member survey included 24 questions
- The member survey took approximately 7 to 10 minutes to complete
Number of Responses
Margin of Error
Drive Research collected a total of 477 responses for this employee credit union member survey. At the 95% confidence level, the number of responses offers a +/-4.5% margin of error.
What exactly does a +/-4.5% margin of error mean? Basically, if the member survey were conducted again randomly with credit union members, 95 out of 100 times the results would yield within +4.5% or -4.5% of the stated totals in the report.
This margin of error can be used to better understand the high reliability of these results.
Example Employee Credit Union Survey Questions
When conducting a member survey, it’s important to know that you’re asking the right questions. Credit union member survey questions should be thoughtfully crafted to yield the highest quality survey data.
Here are a few examples of credit union survey questions that were used as part of the member survey:
- Overall, how satisfied are you with the service you have recently received?
- Compared to a year ago, how has your overall satisfaction with the credit union changed?
- What is your primary financial institution?
- How likely are you to recommend our credit union to a family member or co-worker?
- How would you rate your most recent experience with member services?
Since each credit union has unique members, marketing sources, and service offerings, there is no “one size fits all” approach to a member survey.
For example, for this specific member survey for the employee credit union, Drive Research collected important household demographic information and measured members’ understanding of the financial institution’s membership criteria.
Outcomes of the Employee Credit Union Survey
The market research study provided the credit union with the necessary data to better understand member satisfaction, member loyalty, competitive differentiators, and other key performance indicators (KPIs).
The data and findings from the market research allowed the credit union to see unbiased, credible, and representative views of its member base to guide decisions over time.
In each wave, the credit union received different reporting packages:
- Following the first two waves, the credit union received topline reports highlighting key findings.
- After the final wave, the credit union received a full, in-depth market research report including background and methodology, recommendations and strategic considerations, demographics, member evaluations, and an appendix.
The appendix included a copy of the questionnaire/cover letter and open-ended responses.
The new member survey results were also compared with the credit union’s previous member surveys.
Tracking member experiences using market research over a long period of time, or benchmarking, allows a financial institution the opportunity to continuously improve member satisfaction.
Additionally, brand tracking helps build member loyalty, cater more directly to members through product/service offerings, and improve marketing strategies.
Looking for market research options? Our bank and credit union market research company explains 4 critical surveys for financial institutions.
Drive Research, a national market research company in New York, has partnered with bank and credit unions from across the country. Our team has the skills and experience to execute a variety of qualitative and quantitative market research studies for your financial institution.
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Elizabeth has a curious mind and is never afraid to ask “why?” She discovered her passion for research and exploring data while completing her bachelor’s degree at Marist College. As a researcher, she believes you’re never truly done learning.