Background: A credit union located in the Northeast wanted to better understand in-branch member experiences at its multiple branch locations. The client partnered with Research & Marketing Strategies (RMS) to conduct market research to help address these objectives and other secondary objectives. The market research was targeted to help the client better understand staff members’ abilities to meet or exceed service standards and create a benchmark of metrics in which further waves of research could be compared to.

Approach: To address these needs, RMS used a quick pulse member telephone survey. The quick pulse survey was designed to be inexpensive ($5,000 or less), easy (10 to 12 questions lasting three to five minutes), and quick (fieldwork could be completed in less than two to three days).

Although this quick pulse survey from RMS was focused on in-branch experiences, a quick pulse survey for a bank or credit union could focus on any topic and provide a credit union with answers to countless key business questions. RMS works with your credit union team to hold a kickoff meeting to discuss objectives and listen to your needs. From that meeting, RMS drafts a survey, which your team reviews and signs off on before fieldwork begins. The surveys are conducted at the RMS in-house call center QualiSight.

A total of 150 completes were obtained for this initial wave of market research with a quota of completes attained from each branch. After fieldwork was completed, RMS prepared a thorough and detailed PowerPoint report, which highlighted key findings through a themed executive summary and question-by-question results. Because RMS works to make the data easily interpreted for your staff and includes action items and recommendations, your time commitment to a quick pulse survey project is minimal. We do the work for you.

Results: Here are a few key takeaways from the results of this study:

• The results identified cross-selling products and services at the credit union as an opportunity area. In only half of member service representative (MSR) experiences did the MSR speak to the member about congruent services that would be applicable to the account holder. RMS offered customized recommendations and action items to improve and track these cross-selling percentages at each branch to eliminate risk of member churn to another bank or credit union for these services.
• Wait times at two of the credit union branches were identified as slight concerns in the wave of member experiences research. Although it may be difficult for the credit union to reduce wait times based on staffing levels and line modeling, branch managers and MSRs should look to better manage expectations of those waiting in line. RMS provided the credit union with actionable recommendations to better manage wait time expectations and improve member flow.
• RMS created a credit union and branch scorecard, which listed action items to pursue and track for the third quarter of the year. These actions would be instituted and monitored by branch managers to improve scores. The scores will again be obtained in the third quarter of member experience research to track changes through the credit union scorecard.

Are you a credit union interested in member experience surveying? Contact Sandy Baker, our Business Development Director at SandyB@RMSresults.com or by calling (315) 635-9802 for more information. We can discuss these quick pulse member experience surveys with your team, which are budget friendly, easy and quick to complete.