Credit unions thrive on building strong, meaningful relationships with their members. Conducting a Member Relationship survey can be a powerful tool to help credit unions to understand and enhance these relationships. This survey delves into the deeper sentiments of members, providing insights that go beyond simple transactional interactions. By analyzing these insights, credit unions can refine their services, increase member satisfaction, and build loyalty.
The KPIs of Member Relationship Surveys
Trust, Price, Advocacy, and Transparency (TPAT): TPAT is a comprehensive metric that assesses the foundational elements of a member's relationship with their credit union. It evaluates:
- Trust: The confidence members have in the credit union’s integrity and reliability.
- Price: The perceived fairness of the credit union's fees and rates.
- Advocacy: The belief that the credit union is acting in the best interests of the members and supporting their financial well-being.
- Transparency: How open and clear the credit union is regarding its operations and offerings.
By scoring high on TPAT, a credit union can demonstrate its commitment to ethical practices and member-centric policies, ultimately building stronger member loyalty.
Net Promoter Score (NPS): NPS measures the likelihood of members recommending the credit union to others. It is a simple yet powerful indicator of overall member satisfaction and loyalty. Members are classified as promoters, passives, or detractors based on their responses. A high NPS indicates a large base of promoters who are likely to fuel positive word-of-mouth to help attract new members.
Member Effort Score (MES): MES gauges how easy it is for members to interact with the credit union, particularly in resolving issues or accessing services such as applying for a new loan or opening a new account. A lower effort score means members find the processes straightforward and hassle-free, which can significantly enhance their overall satisfaction and loyalty.
Wallet share: Represents the proportion of a member’s total financial business that is conducted with the credit union. This KPI is a vital measure of a credit union’s ability to meet the financial needs of its members. By focusing on increasing wallet share, credit unions can enhance member loyalty, drive revenue growth, and maintain a competitive edge.
Overall Satisfaction: This KPI provides a holistic view of how content members are with their credit union. It encompasses various aspects such as service quality, product offerings, and member support. High overall satisfaction scores suggest that the credit union is effectively meeting its members’ needs and expectations.
Benefits of Conducting Member Relationship Surveys
Conducting a Member Relationship Survey allows credit unions to achieve several critical objectives:
- Understanding Member Sentiments: By exploring the 'why' behind members' feelings and scores, credit unions can gain deeper insights into what drives satisfaction and loyalty.
- Identifying Areas for Improvement: The survey helps pinpoint specific areas where the credit union can enhance its services or processes.
- Enhancing Member Experience: By addressing the pain points identified through the survey, credit unions can improve the overall member experience, making interactions more efficient and pleasant.
- Strategic Decision-Making: The data collected provides valuable input for strategic planning, helping credit unions make informed decisions that align with member needs and expectations.
- Increasing Wallet Share: Understanding what members value most enables credit unions to offer targeted products and services, encouraging members to utilize more of the credit union’s offerings.
Member Relationship Surveys are a valuable tool for credit unions aiming to deepen their understanding of member needs and sentiments. By focusing on key performance indicators like TPAT, NPS, MES, Wallet share, and Overall Satisfaction credit unions can uncover valuable insights that drive strategic improvements and enhance member loyalty. Conducting these surveys not only benefits the credit union but also ensures that members feel valued and heard.
