A member survey for a credit union can provide a wealth of data, information, and feedback to help drive decision-making. This feedback obtained through a formal survey echoes throughout a credit union organization impacting operations, strategy, and marketing. Learning more about member needs, wants, and satisfaction levels helps a credit union devise a forward-thinking plan that is reflective of the most important people of all: your customers.
Thinking about conducting a member survey at your credit union. Learn more about a recently completed project by our member survey company here.
Objectives
A credit union in South Carolina recently partnered with Drive Research on a member survey market research study. The objectives of the market research included providing the credit union with the necessary data to better understand member satisfaction, member loyalty, competitive differentiators, and other key performance indicators (KPIs). These and other secondary objectives were covered in this market research. The data and findings from the market research provided the credit union with unbiased, credible, and representative views to guide decisions.
Approach
To address the objectives at-hand, Drive Research recommended using a mail survey so all members of the credit union can be reached as part of the market research. Mail surveys are a more personal way to reach out for feedback and reach all levels of demographics of members. The combination of these benefits created a strong ROI for the credit union.
Drive Research utilized the feedback obtained from the kickoff meeting and the pre-drafted questions from the credit union to create a paper survey document in Word. This survey addressed the key objectives of the study including questions recommended by our survey team based on past financial institution project experience as well as customized questions for the needs of the credit union.
Fieldwork began on Friday, October 13 and respondents were given until Friday, November 17 to respond. The survey consisted of 14 questions and took respondents 3 minutes to complete. A total of 564 responses were collected, representing a margin of error of +/- 4% at the 95% confidence level (meaning that if this same study was conducted again, results would yield findings within +/- 4% of the results from this study 95% of the time).
Results
Although the results remain confidential with the credit union, the comprehensive market research report including a background and methodology, executive summary of themes, recommendations, an infographic, member persona, and an appendix of question-by-question results.
Here are some of the key objectives the credit union member survey answered for the client:
- How likely are members to recommend the credit union?
- What drives likelihood to recommend the credit union?
- What factor(s) are most important to members?
- How do members interact with the credit union?
- What do members want to see improved at the credit union?
- What are the sources of awareness for the credit union?
Contact Us
Drive Research is credit union member survey company located in Upstate New York. We work with credit unions and banks across the country to assist with their member and customer market research needs. Contact us at [email protected] or call us at 315-303-2040.
Interested in receiving a proposal for your member survey at your credit union.