4 Surveys Your Bank and Credit Union Should be Sending

by Sarah Morris

How do you measure customer experience at your financial institution? Are you communicating regularly with your existing relationships? When and how often?

Sending surveys isn’t a new practice for banks and credit unions. Regularly surveying your customers and members provides invaluable insights into how your relationships view you and the overall health of your financial institution’s customer experience. And with the many survey tools available, it’s easy to accomplish.

Here are the four most common, and successful, surveys our customers are sending to their relationships on a regular basis:

1. New account and onboarding survey

New account opening surveys are essential for any successful onboarding program. It’s imperative to understand what your customers and members think about your account opening processes in order to learn what could be improved upon. Were they satisfied with the overall ease and process? Did the time it took to open the account meet their expectations? A new account opening survey is also a great place to discover how new relationships heard about your financial institution and how likely they are to recommend your financial institution to a friend or family member. We recommend sending a new account opening survey one to two days after the account has been opened.

2. Closed account survey

While it’s always disappointing to see a relationship go, it’s an occurrence that is, in fact, inevitable. However, using these opportunities as a learning tool to understand exactly why a specific relationship left, can help your bank or credit union increase its overall retention rate. In a closed account survey, ask why they chose to leave your financial institution. This will help you learn if it was due to a recent move or due to dissatisfaction with things like your service, your rates, or your fees. Find out the specific reason making people leave and you can take steps to improve on those areas of weakness. Closed account surveys should be sent one to two days following the departure of an account holder.

3. Post-transaction survey

Sending a post-transaction survey is a helpful way for banks and credit unions to measure customer and member satisfaction following a specific transactional interaction. Did the processes surrounding a specific transaction meet their needs and expectations? Speed of service? Employee helpfulness? These surveys should be triggered one or two days following a transaction and can be used to improve customer and member experience, as well as internal processes based on a specific interaction.

4. Financial needs assessment survey

What if you could ask one simple question to tell you exactly when to promote a specific product or service to your existing relationships? Well, you can. An annual financial needs assessment survey is becoming increasingly popular among Onovative’s bank and credit union customers, and is a great way gauge the upcoming financial goals of your customers and members. With this information, you can plan highly-targeted cross-sell promotions that will ensure you get the right product in front of the right people at the right time. Based on your marketing planning timeline, we recommend sending a financial needs assessment survey on an annual basis.

With Core iQ’s unique communication platform, bank and credit union marketers can automate surveys and capture responses as part of their onboarding communication plans. Check out some more example survey types and questions from Onovative, here.


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