One of the core industries that Research & Marketing Strategies (RMS) focuses its efforts on is the financial sector.  We partner with various banks and credit unions to help them improve their marketing and management through market research.  Here is a market research case study for a bank/credit union.  This case study will also appear in the upcoming RMS Newsletter.

Background: RMS was engaged to conduct customer satisfaction work among a bank’s customers.  A survey instrument was designed to gather feedback on customer experiences in: (1) opening a new account at the bank and (2) refinancing/opening a loan at the bank.  From the research findings, the bank identified key improvement areas.  In particular, how customers perceived the representative’s knowledge of services and whether the representative consulted with the customer regarding other services offered by the bank were key satisfaction factors.

Methodology: RMS used a mail survey methodology to send a survey monthly to all customers who either opened a new account or refinanced/opened a loan at the bank.  Respondents were also given an online option for completing the survey.  The survey details a key cross tabulation, which enabled RMS to separate data by branch location and identify the representatives from each branch for procedural improvements.  Each month the survey returns a 12- to 20-percent response rate.  Beyond just the collection of critical data, the survey process demonstrates to customers that it cares about feedback and wants to learn customers’ experiences. Additionally, any customer who asks to be contacted by the bank (through a question to the survey) has his/her contact information relayed to the bank management team within 24 hours.

bank and credit union market research

Results: As a result of the ongoing satisfaction survey process, the client is offered a rolling, longitudinal benchmark to identify whether there were significant differences in one month compared to previous months, quarters, and years.  The bank uses the quantitative research to resolve any unforeseen issues within 24 hours, monitor new account/loan satisfaction, identify improvement areas at specific branches, encourage cross-selling of products, and better understand competitive usage.

Are you a bank or credit union interested in partnering with a market research firm in Upstate NY to get your questions answered?  Contact our Business Development Director Sandy Baker at or call her at 315-635-9802.