Posted on | October 1, 2009 | No Comments
Fairfax, Virginia’s Fairfax County Federal Credit Union (FCFCU) has upped the ante on traditional banking best practice for collecting customer feedback! It’s moved from annual to real-time surveys using customer survey software from Ennect. Not only has the move to online surveys reduced cost, it has also helped the credit union increase the products and services that members use.
FCFCU has adopted a more advanced form of surveying customers than most banks have in place today. “Few financial institutions do surveys on a transactional level in real time. Generally they survey customers every one or two years, but by the time they process the data, the economic outlook could change and results could be stale,” explained Matthew Kaudy, FCFCU’s chief marketing officer.
FCFCU previously relied on paper surveys to gauge member experiences at its various branches. The credit union turned to Ennect’s online survey software as a more efficient and cost-effective way to gain insight into its service delivery. Converting from paper to electronic format allowed the credit union to improve its survey response rate and cut costs.
Surveying Customers for Real Time Responses and Actionable Data
The credit union currently delivers two types of surveys: a new member and a transactional survey. The latter is sent out daily to 600 randomly selected customers. By doing surveys on a daily basis, the credit union removes the lag time of paper mail and reaches people in a more timely fashion.
Ennect’s easy-to-use visual analysis tools transform the data FCFCU collects into actionable insights. This allows the credit union to identify issues and look for trends among its membership. The responses allow the credit union to make changes that result in positive effects like shorter wait times at branches and other service improvements.
The survey program is managed by Ennect as another way to trim costs. The credit union provides basic survey content and leaves the rest to Ennect.
“Ennect provides ‘a-to-z’ service to us, making the program turnkey and cost effective. The service allows me to outsource the survey design, list management, and program maintenance rather than having to allocate internal resources for these tasks,” said Kaudy.
The program has had a positive effect on FCFCU’s bottom line as well. “The timeliness of the surveys allows us to quickly identify problem areas and retain the business of our customers. It’s a winning proposition all around,” Kaudy explained.
To read the full case study, click here: http://www.ennect.com/Survey/case-studies/customer-survey-software-case-study.aspx