Credit Unions Deposit Surveys, Withdraw Insights
Posted by Dave Capuano on Mon, Jun 14, 2010
I've spent a lot of time in product management roles for technology companies over the past 20 years and I've come to appreciate the importance customers play in a product manager's job. Most people who have spent some time in marketing have heard of Pragmatic Marketing. The folks over at Pragmatic Marketing describe the strategic role of product management "to be messenger of the market, delivering information to the departments that need market facts to make decisions". As I spend more and more time here at Vovici, it is refreshing to be in a company focused on helping customers leverage feedback that supports critical business decisions. Lately I've spent some time looking at some customer verticals, specifically the banking sector, and have taken a deeper look at our Credit Union customers. What got me interested was looking at an old blog post from Bruce Temkin and becoming curious about why Credit Unions continue to lead the pack for the third year in a row for customer experience, despite being in a market segment that hasn't been faring very well lately.
I knew that Credit Union member experience is critical to loyalty and that Credit Unions are a growing part of our customer base. So, as part of a marketing campaign my team went out and interviewed a few to hear, in their own voice, how they viewed Vovici within their process for measuring customer experience and member satisfaction. Here are some quotes we took away:
Technology Credit Union - "As a credit union, member satisfaction is the most important metric we track. Vovici has enabled us to capture more data in less time and do more with it than ever before. Our response rates have spiked from 6% in the old days to over 30% with Vovici."
Teachers' Credit Union - "Vovici has enabled us to capture immediate impressions of our members' interactions with us, and be proactive about managing those impressions and resolving any issues."
As part of the campaign, we have asked Navy Federal Credit Union to present how they use Vovici to gain member insights. If you want to hear what they have to say you can register here for the free webinar. If you want to read more detail on the research Bruce did while he was at Forrester you can get access to the report, Customer Experience Index 2010: Banks, by registering here. What was clear and compelling to me after doing this project is the payoff you get when you focus on the customer versus the bottom line. As supported in this report, if you focus on the customer and increase their loyalty, there's a good chance the bottom line gets better. Investing in your customers is a win-win for them and your bottom line.