Credit unions have many advantages over banks. But you know that, of course. And yet sometimes, especially when community banks offer better rates somewhere, or when big banks have better credit card rewards, it can be hard to remember the intangibles that credit unions offer.
For example, member service. Nobody does it quite like credit unions.
But how do you get unparalleled member service? How do you make sure your members are taken care of well? How do you ensure a top-tier member experience?
Member Experience Programs
Member experience programs are becoming increasingly popular at credit unions. (If you’re not already aware, a member experience program is a department or initiative geared toward ensuring that members appreciate their banking experience.)
And that’s for good reason. The member experience has long been a key differentiator for credit unions. But in today’s digital economy, credit unions are losing their edge. That’s especially true during the pandemic, when the technology that banks offer often puts credit union technology to shame. What good is a friendly smile when the bank offers online account opening, an AI chatbot, and fractional investing?
Member experience programs keep a close eye on trends in banking to ensure that members get what they need and expect. And today, member experience programs get much of their intel not just from industry reports, but from surveys.
Surveys are every credit union’s ear to the ground. At least, as far as member sentiment is concerned.
But knowing that surveys can be useful is completely different from knowing how and when to survey. If you want to know how and when to survey your credit union members, you’ll want a bit of guidance. (Unless you’re already a pro. In which case, I guess this is an opportunity to compare notes…)
How to Know What and When to Survey
The CUSO LiveSurvey recently created a survey roadmap for credit unions. In it, they outline a month-by-month look at how to create a survey program at any credit union.
For example, they start by suggesting taking a baseline measure of member experience. Whether through Net Promoter Score (NPS), Member Effort Score (MES—a credit union version of the Customer Effort Score metric), or some other measurement, they advocate taking the pulse of your current members.
Then, they build on that first month’s survey by suggesting surveys for different products, services, demographics, and so on.
By the end of the guide—or by the end of the year—you’ll have a clearer picture of which survey to send your members (and when). And your credit union’s member experience program will be better for it.
If you’d like to read more about what’s contained in LiveSurvey’s 12-Month Survey Roadmap, click here.
Or if you’d like to get right into surveying, you can download their guide here.
Finally, if you want to learn more about emerging credit union technology and resources, then you might consider signing on for quarterly updates about the latest in fintech news. It’s completely free and carries no obligation. Simply email Chris Otey to see if you’d be a good fit for this opportunity.