Relationships are built based on all experiences that members have with a credit union. To cultivate solid, lasting relationships, your credit union must look at all the interactions members have with the brand and consider how they might impact their perception of your offerings.
Member feedback is a valuable tool that can help you understand what your members value as well as identify areas for improvement. In this article, we'll explore how to analyze and leverage what your members are trying to communicate to you. Once you know how to use member feedback to your advantage, you can make the most of it to help your credit union improve growth and retention.
With this in mind, you can start to break down different types of member feedback into three distinct categories:
Analyzing each type of feedback can help you better understand what members value and improve your offerings or outreach strategies from a 360-degree point of view.
For example, some credit unions might not consider mobile banking experiences with members as necessary as the relationship or brand value as with in-branch experiences. However, through customer feedback analysis across these categories, credit unions can gain unique insights into all areas of brand interaction. For example, if you see that many of your members are praising your mobile banking app for its ease of use and convenience, then this is an area where you should focus your efforts.
All feedback is a gift. It helps identify severe pain points and gives context to the improvements you choose to make. Negative feedback, in particular, can be valuable in highlighting issues that may harm the relationship between you and your members. For example, suppose many of your members are criticizing your customer support team's lack of responsiveness or slow response times to inquiries or complaints. In that case, this is an area where you need to prioritize improvement.
However, many credit unions fail to act on or respond to poor survey results due to numerous reasons:
Fortunately, even the most negative feedback can yield actionable customer experience metrics through customer feedback analysis. That's why it's essential to perform credit union data analysis for all feedback and take action.
Let's say a credit union sends out a survey to gauge customer satisfaction levels and receives 100 responses, 80 of which are positive and 20 of which are negative. The average credit union might see these results and immediately act on the 20% of negative responses.
However, some credit unions might fail to act on or respond to these results because they believe that the 80% of positive responses outweigh the negative ones. In reality, however, all feedback is important.
After all, it takes a lot more effort to win back a member who is dissatisfied with your credit union than it does to maintain a good relationship with a satisfied member. So even if the percentage of negative responses is low, it's still important to take action to improve the member experience for everyone.
Sometimes, members might not voice concerns or negative feedback, even if they've had negative experiences. In these instances, your duty as a trustworthy business is to dig deeper and discover what might be causing the lack of negative responses.
For example, issues with your outreach strategies or messaging might be preventing members from sharing their honest opinions. Alternatively, it could be that your members feel satisfied with the overall quality of your services and offerings. However, you might still have room for improvement in other areas, such as customer support or product development.
Regardless of why you're only receiving positive feedback, seeking out and acting on critical feedback is crucial to continuously improve the member experience.
At MemberXP, we offer a wide variety of features and tools that your credit union can use to make the most of customer feedback analysis while continuing to improve offerings and better serve your members. Our five-step process outlines how member complaints and feedback can effectively boost your overall member experience and create more prosperous interactions.
These days, your members expect easy purchases and experiences. By listening to their feedback — negative, positive, or in between — you can be confident you're offering the right services at the right time.
MemberXP is the best choice for ensuring your credit union makes the most of member feedback, thanks to our robust platform that allows you to collect, manage, and analyze information all in one place.
If you're ready to make the most of your member feedback, contact our team at MemberXP today.