RMS Case Study: Improving Client Experiences at a Credit Union
Article by Katya Dashkevich, RMS Research Associate –
RMS recently supported a financial institution seeking to better serve its members by conducting two monthly surveys: a new member and post-transaction survey. Both surveys covered services provided within a branch and online.
RMS surveyed the credit union members to collect data about their recent experiences when opening a new account or conducting a transaction (both online and in-person). RMS delivered the findings to the client through a secure portal, so the client had near real-time access to the findings.
The Results
The results of the surveys showed that most new members had a relatively smooth experience opening an account, whether in person, at a branch, or online. Participants cited numerous reasons for opening their accounts, which included:
- New car
- Best rates
- Convenience
- Moved and needed a new bank
- Opening account(s) for child(ren)
- Recommended by friends/family
It’s All About the Rating
The survey asked participants to compare the financial institution to others where they had accounts, using a scale from 1 to 5. They were also asked to rate how easy or difficult it was to open an account. Additionally, participants rated specific aspects of their visit, including the friendliness of the representative, representative’s knowledge of the account, the greeting/welcome provided, speed of follow-up, representative’s ability to answer questions, and the length of time spent waiting for the representative. The lowest score among these categories was for the time spent waiting for the representative.
NPS for the Win
The Net Promoter Score® (NPS®) was also used. NPS is an index ranging from -100 to +100 that measures the willingness of customers to recommend a company’s products or services to others. It is used as a proxy for gauging overall customer satisfaction with a company’s product or service as well as the customer’s loyalty to the company or brand. The closer the NPS is to +100, the more favorable the rating. Participants also had the opportunity to suggest improvements that could be made to enhance their experience with the financial institution.
The Big Reveal
The goal of this data collection was to help the client identify patterns and trends within specific branches and branch representatives, allowing them to adjust their processes as needed. Our data collection revealed predominantly positive feedback and high scores when customers were asked about their transactions at their primary branch. The lowest scores were largely associated with the drive-through services at these financial institutions. With these insights, our clients can make targeted adjustments to enhance the customer’s experience when using the drive-throughs at their branches. Altogether, these customer satisfaction insights can be crucial to the development of our clients within the financial industries.
About the Author – Katya Dashkevich
Katya brings years of market research experience to the RMS Analytics Department, programming surveys, coordinating recruitment, and cleaning, analyzing, and reporting survey data. Katya also supports many other divisions at RMS, including helping with phone recruitment in our call center or research needs within our healthcare division.
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About RMS
Research & Marketing Strategies, Inc. (RMS) is a full-service market research firm in Central New York. Formed in 2002, RMS helps organizations that are looking to know more about their customers and/or potential customers. We conduct surveys, focus groups, mystery shopping, studies, and analyses. Each project is customized and gets personal attention so that actionable, data-driven findings are delivered. RMS has a reputation for getting results. We offer an independent, professional means to conduct telephone, on-line, and mail surveying, as well as in-depth interviews, intercept interviews, and participant recruitment. We also host discussion groups through QualiSight, our onsite call center and focus group facility. We have a proven reputation for successfully recruiting and moderating focus groups, community forums, and town meetings.