Our dynamic Member Engagement Survey was created out of necessity. None of the traditional member satisfaction surveys available to credit unions delivered what we were looking for - namely, a comprehensive picture of the relationship between the credit union and the member from the member's perspective. We created this survey to provide real, actionable data to drive decision-making to better serve members.
This cornerstone survey can be sent annually, semi-annually, or quarterly based on your preference. Think of your old Member Satisfaction Survey and then throw it out the window, because this is so much more than that.
Four
Dimensions
In addition to Member Satisfaction, our survey gauges NPS, Member Effort, and Share of Wallet.
Actionable
Data
Our survey results provide insights and direction to improve decisions and service delivery.
Turnkey
Solution
We handle the work. You get the praise.
Valuable
Insights
We analyze your results and provide custom insights - not canned, generic "advice."
Methodology
Measuring solely member satisfaction is insufficient for the needs of the organization and doesn’t provide the depth needed to gain insight and drive strategy for continued growth. Rather, we look to measure and understand member engagement through loyalty, which is important for several reasons.
First, it provides a retrospective look at how well the credit union is meeting the needs of its members. Second, it provides an indicator of future business with the member. Finally, it adds the additional dimension of current product participation (share of wallet).
Loyalty
There are two types of loyalty: behavioral loyalty and attitudinal loyalty. Behavioral loyalty is demonstrated when a consumer engages repeatedly with the same company, even if it’s because of a lack of options. Attitudinal loyalty, however, is demonstrated with a consumer’s attitude toward a product or service. Essentially, what one does compared to what one says.
We take a hybrid approach looking at both behavioral and attitudinal loyalty to get a more robust picture of opportunity for organic growth.
The Four Dimensions
Satisfaction
Member satisfaction measurements are customary in the credit union industry and are an indicator of retention. Indeed, in most cases, satisfaction is the only measurement tracked.
Member Effort
A measurement of high easy, or difficult, it is to conduct business with you; which can directly affect loyalty.
Net Promoter Score
Potential for future growth is measured using the NPS (Net Promoter Score) methodology. We go much deeper than simple NPS scores, too. We ask them why they gave their responses and organize them according to your value proposition.
Behavioral Loyalty Metrics
We look at demonstration of loyalty through PFI designation, wallet share, account/balance growth and past referral activity.
Sounds like a lot because it is a lot. We're confident it's the best tool of its kind available to credit unions today. Contact us today to discuss that state of your current survey efforts and see how Member Intelligence Group can help.
Complete the following form to download Member Intelligence Group's Millennial Research Survey Report, a comprehensive analysis of survey results from millennial credit union members.