CU 2.0: A Guide for Credit Unions Competing in the Digital Age by Kirk Drake

Author:Kirk Drake [Drake, Kirk]
Language: eng
Format: epub
Publisher: Lioncrest Publishing
Published: 2017-06-20T04:00:00+00:00

You should be able to do all of this in one to two hours. After the initial set-up, invest one hour per week moving forward to constantly engage your members.

Chapter 10

10. Survey

Many credit unions validate their service with Net Promoter tools, and while I think Net Promoter is a good start, it’s not a comprehensive tool. Yes, in theory, if a member is willing to refer you, that’s a great indication of your services and the member’s loyalty, but it neglects all the members who never get to that stage. Creating a repetitive process that allows you to continuously adjust and recreate good experiences for your employees is essential for receiving social validation.

Let me give you an example. I fly a lot, and every time I fly, I receive a survey from United asking how likely am I to refer the airline company to someone else. I might answer I’m likely to do so, because it was a good experience, but it doesn’t address the real question of, “Do I ever refer airlines to someone else?” The reality is, I don’t care how good my one individual flight experience was with United. On a collective level, the airline is so commoditized that it’s a stupid question—and it certainly won’t change my behavior. It doesn’t encourage me to refer business, nor does it reflect my loyalty to the airline.

Credit unions have lots of repeated interactions—swiping a credit card, going to an ATM, calling a call center, etc. Since financial services are commoditized and fungible, it’s not fair to measure loyalty on a transactional level; you have to look at it much more holistically. Loyalty comes from the way you make a member feel, among other intangible identifiers. Feelings come from experiences that are unexpected or highly differentiated. The brain is specifically designed to forget all the routine stuff.

Here is a quick test. Close your eyes and think about your childhood. After about a minute, what are the top three memories (good or bad) that immediately pop into your head? Most likely, they won’t be routine stuff like brushing your teeth or mom making dinner. It might be dad making you dinner, though, because that might have occurred less regularly (no gender stereotypes intended). Either way, your brain is tuned to ignore basic day-to-day stuff over time and filter it out.

Tools like LiveSurvey are a great way to see a holistic picture. You’re able to map the person at an intricate level when giving the service, the resolution to the problem on a one-on-one basis, etc. If something along the line isn’t going well, you are privy to enough data to step in and fix it in near real time. LiveSurvey tracks each transaction and follows up with the member to solicit feedback. Every time a member calls the call center or walks into a branch, within a minute or two of that transaction, LiveSurvey is notified of the transaction within the system. It knows what, where, and who made the transaction and can immediately send a survey to ask valid experiential questions related to the transaction.

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