Member Experience (MX) Market Research for Credit Unions

If you work at a credit union, I think you'll agree when you hear the term member experience (MX) research you're not exactly sure what's involved. It turns out there a number of different market research options that fall under the member experience (MX) umbrella at credit unions.

In this post, Drive Research, a member experience market research company for credit unions will discuss 3 different options you can pursue as part of your MX program.

Member Experience (MX) Market Research for Credit Unions


Why does all of this matter?

Credit unions employing member experience (MX) and Voice of Member (VoM) remain a step ahead of their counterparts in a highly competitive industry. The true value of market research is not how the data is collected but rather how its interpreted, generating insights from data, integrating this into strategy, and taking action based on the data.

That's not all.

Understanding needs of members creates a perfectly aligned strategy where a credit union's decisions, marketing, operations, and strategy is centered around the member. This member-centric culture echoes throughout all branches and the organization. The voice of the member matters as "better" is the opinion of the buyer not the seller.

What are some real project examples? Here are 3 different MX projects you can employ at your credit union. These include:

  1. Member Experience Loyalty Surveys through Email Invitations
  2. Monthly Account Opening Surveys to New Member Account Holders
  3. Digital Experience Email Surveys to Website, Online Banking, and Mobile App Users

Member Loyalty Surveys Understand Key Motivators and Satisfaction

Here's the deal. It's hard to argue with the cost-effectiveness, quick turn-around, and quality data offered by a member experience (MX) email survey. Some firms may argue you should do this by telephone but is the data collected by phone worth the often 2X or 3X price tag?

We say no.

Could you do this in-house? Yes, but here's the catch.

If you want honest and truthful data from your members, you should use an independent third-party. Members reported and offering feedback directly to the credit union fear their responses (particularly negative feedback) will impact service or their relationship.

Here is the step-by-step process for a MX online survey conducted through email using a third-party expert:

  • Roadmap: discuss objectives and expectations from CX
  • Driver's manual: details dates and deliverables for the project
  • Survey draft: screener and survey sent to the credit union for review
  • Finalize survey: edit survey, revise draft(s) as needed for testing
  • Member list: client to pass member sample to MX market research company
  • Test drive: survey is trialed to 1% of sample or 100 members
  • Full-launch: team begins full fieldwork for email surveys
  • Check-ins: vendor regularly updates the credit union on progress and status
  • Real-time data: the client will be provided a link with the case by case responses
  • Quality checks: completed throughout and at the conclusion of fieldwork
  • Analysis: coding of open-ended responses, graph and chart data for report
  • Reporting: full PowerPoint report created for the client with all results
  • Debrief: the client meets with the market research team to review findings

Recommended topics to address in the MX loyalty survey include awareness of marketing channels, usage of in-branch and digital channels, net promoter score (NPS), customer satisfaction metrics on all areas of the credit union member experience, as well as other key criteria.

The final report will include a background and methodology, infographics, themed executive summary, and an appendix with full question-by-question results. The executive summary will highlight the major themes from the research, tying the data to actionable strategies and recommendations for the credit union.

Understanding the MX from Day 1 is Absolutely Crucial

New account experience online surveys can be completed once a week and sent to members who open a new account at a credit union. This includes those who open new checking or savings accounts, real estate loans, or consumer loans at the financial institution.

Email addresses for members opening new accounts or loans will be shared with the MX market research company. These email addresses will then be pulled into the online survey software and invites will be sent. An email reminder will be sent within 48 hours.

The best part?

Should response rates fall below expectations, reminder phone calls will be placed to members encouraging them to participate.

In addition to the real-time case-by-case data shared with the credit union through a secure online link, the market research company will prepare a monthly report in PowerPoint highlighting all key data findings and takeaways from the prior month’s data. This data will be trended month-over-month, quarter- over-quarter, and year-over-year.

Survey responses where the member requires immediate follow-up will be flagged and sent to the credit union contact(s) within 24-business hours of receipt.

You can't spell Member Experience (MX) with the word Digital. Well, you can, but you get our point.

You Can't Talk About Member Experience Without Talking Digital

The credit union market research firm would create two separate digital surveys which can be posted to both the client website and the mobile app. The survey will address and measure the experience members have with the client's digital platforms.

The vendor would work with the credit union IT team to have the website link posted to both its website and mobile app. This HTML code will be built into the website redirecting users to the digital experience survey.

To further boost response rates, the website survey will work as a digital intercept survey being served as a pop-up to a specified number of users (1:4, 1:10, 1:20.) This ratio will be adjusted accordingly in order to obtain an appropriate number of completes per month for the survey. This survey will address in-the-moment feedback as provided by online banking users and app users for the credit union.

Topics of the survey will include satisfaction (CSAT) with the experience, ability to accomplish goals, and customer effort score (CES.)

What's the goal?

The goal of digital channels in the banking industry is to provide relevant information to members with as little effort as possible which is addressed through CES. The survey will serve as a tool to measure the impact of the digital experience on member experience.

In addition to the rolling real-time data shared with the credit union, the market research company will prepare a monthly report in PowerPoint highlighting all key data findings and takeaways from the prior month’s data. This data will be trended month-over-month, quarter-over-quarter, and year-over-year. Survey responses where the member requires immediate follow-up will be flagged by the vendor team and sent to the client within 24-business hours of receipt.


Contact Drive Research

Drive Research is a member experience (MX) market research firm and credit union market research company located in Syracuse, NY. Questions or need advice about your next credit union market research project?

Contact us at 315-303-2040 or email us at info@driveresearch.com.

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