Measuring Customer Satisfaction to Build
Retention

Summary

To more fully understand the experience of its members, HealthShare Credit Union embarked on a three-month-long research project. An industry-high response rate provided valuable data and deeper insight into the user behavior of their members. The feedback has led directly to clear action items, including targeted awareness campaigns with an emphasis on education and adoption of their mobile banking products.

Challenge

HealthShare Credit Union encourages its 4,500 members to utilize their mobile app for convenient online banking. In mid-2016 they used SurveyMonkey to try to find out how well the app roll-out was going. Unfortunately, due to extremely low participation in the member survey, the team had to abandon the data from their results. Frustrated and still needing to know if their members were using the mobile app, they sought the help of SoGoSurvey.

Health Share Credit Union

About HealthShare Credit Union

Credit Union HealthShare Credit Union is a not-for-profit financial cooperative dedicated to providing the best service to their most important assets – their members.

Solution

SoGoSurvey’s Chief Marketing Officer, Haris Azmi, spoke with Genice to get a better understanding of the type of data she needed. “It was apparent to me that Ms. DeCorte was focused on providing her members with the best service and products. She needed deep insight into their banking habits, but also valued any other feedback they were open to sharing. I was confident SoGoSurvey could provide the right type of survey experience that would guarantee results,” said Azmi.

The HealthShare Credit Union survey was designed specifically to meet all of the identified needs, and it benefitted from the use of key features such as Net Promoter Score and Question Display Logic. These elements allowed for the collection of critical data points, as well as targeted follow-up questions to make the survey relevant for each individual participant. Because the feedback was precise, the data could be drilled down and analyzed by the Credit Union through numerous reports and filters.

HealthShare deployed their new customized survey to their members using email distribution through the SoGoSurvey platform. Within the first month of this three-month project, Ms. DeCorte started seeing results that she had never before experienced or expected.

“I was prepared to accept whatever results we got from the survey but I was shocked when I started to see the high response rate and an overall satisfaction score of 9.45 [out of 10],” said DeCorte.

The survey uncovered several data points that Genice could act on. She learned that her members were happy – in fact, very happy. They rated their overall satisfaction with HealthShare Credit Union as a 9.45 on a 10-point NPS scale. Making this even more significant is the fact that the 2016 JD Power U.S. Banking Satisfaction Report identified the industry average for customer satisfaction as 7.93. The credit union enthusiastically shared this information with employees, board members, and leadership at the hospital where many of their members are employed.

A response rate of 33% meant hearing from more members than ever before.

As a CEO, I wear many different hats and SoGoSurvey understood how important this project was to me. They didn’t just sell me a survey tool, they helped me transform how we communicate with our members.

- Genice DeCorte, CEO, HealthShare Credit Union

Genice Decorte, CEO, HealthShare Credit Union

Highlights

  • Insightful

Data showed that many credit union members were not using the mobile app. This was a significant finding because HealthShare wants their members taking full advantage of their many products and services. This new data has guided the credit union toward providing additional training for their employees and more resources for their members – including short video tutorials and wallet-size instruction cards.

Within the first month of this three-month project, Ms. DeCorte started seeing results that she had never before experienced or expected.

  • Educational

With a response rate over 30%, this survey allowed HealthShare to collect comments from a significant number of members, some perhaps sharing feedback for the first time. Reports uncovered some customer security concerns regarding the online app. In response, Genice and her team created new collateral to educate their users and emphasize the security and convenience of online banking. This was another area of opportunity for them to provide peace of mind to their members.

  • Connected

The financial industry is very competitive and the more products and services members actively use, the more likely they are to remain members. When HealthShare Credit Union set out to conduct their survey, they were open to whatever feedback was going to say. What they discovered influenced their business model and improved the relationship with their members. As Genice DeCorte put it, “SoGoSurvey has created the opportunity for open dialogue with our members and that is invaluable. If a member feels confident that their feedback is heard, they are more likely to speak up and that gives us the chance to work with them and ultimately keep them as a satisfied customer. It makes me feel good knowing our members can talk to us – as the CEO, I’m ecstatic about the positive effects this has on long-term retention rates of our members.”


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