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Credit union member surveys should integrate for a comprehensive picture of the member experience, incorporating each of the various loyalty components. This big picture includes four main areas:
How did we do? Did the credit union and its staff do what we promised to do? Was it easy to accomplish? Did you have to call us multiple times for the same issue? Are you happy?
Future growth opportunities: How likely is it you will increase your participation with the credit union? Net Promoter Score is the best indicator of this, and the most successful companies focus on increasing the number of promoters.
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Measuring Member Loyalty Attitudinal Loyalty Metrics:
Behavioral Loyalty Metrics:
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Gauge loyalty: All seven components (see sidebar) of loyalty must be accounted for.
How can we improve? What specifically can we do to be better?
The trend for many credit unions has been to decrease member survey activity, which is opposite of what should happen. If the concern is survey fatigue, the credit union should thoroughly review its surveys to determine what should change. All surveys should be delivered electronically, which is the easiest way for the member to respond.
Most importantly, the credit union’s survey program should enable sound decision-making. As CUES member Jeff York, CCE, president/CEO of $880 million/60,000-member CoastHills Credit Union in Lompoc, Calif., says: “The future of our business is building relationships, not selling products and services. In order to build meaningful relationships, we need honest, timely, and candid feedback from our members regarding their experiences and expectations. We need more than just a pat on the back.”
Jim Kasch founded Member Intelligence Group, which helps credit unions gain actionable insights from their members through surveys.
