Competitive Edge

Competitive Edge

How we do it

Step-by-Step

1 Each day your member-contact people— tellers, loan officers, member services personnel and telephone center staffers— perform routine interactions with members.

CU worker

2 All of these transactions are captured by your system. Each data record includes branch location, date and time, and the employee handling the service “event”.

3 Each day you download a file containing this data and forward it to us. We then pull a random selection of these transactions— a “short list” that will produce a statistically valid representation of member opinions that will produce a fair and accurate measure of overall performance.

Computer keyboard

4 Each selected member is mailed a quick-response form listing five to seven questions. This form is customized to meet your particular performance priorities. The focus is on factors of responsiveness, friendliness, courtesy, quality of information provided, and general helpfulness. And the best part, it also asks for comments regarding the just-happened interactions.

5 Surveys are mailed within a day or two of the actual transactions, along with a postage-paid return envelope. We generally expect a response rate of 20-23%.

survey

6 As surveys come back, the scores and written comments are transcribed verbatim into Quality Loop’s database. All of it is then incorporated into a three-part report that presents: 1) CU scores overall, 2) Scores for each branch/team /department, 3) Scores for each individual employee.

7 We send you the reports and you distribute the feedback information throughout the credit union as appropriate. When employees see the responses that show, in absolute terms, how their performance is perceived by members, the self-improvement process kicks in. It is immediate. It is 100% effective!

report

Your Private Account

Once on board with Quality Loop, you will also have secure, direct Internet access to your credit union’s “Private Account” which allows you to view survey responses (both scores and comments) in advance of receiving your reports. You can access this information at any time in order to follow-up on member questions or concerns in a more timely manner without having to wait to receive reports.

private account

The E-mail Survey Option

More frequently these days, we are asked— “Can you survey our members by e-mail?”

If you have e-mail addresses for most of your members— the answer is definitely “Yes!” You simply add each member’s e-mail address as an additional field on the end of each record within the daily transaction file extract. It’s that easy.

A serious caution here, however. We know from much experience that surveys sent by regular mail produce more accurate results than do e-mail surveys. Why? Very simply, it has to do with the fact that people either do not check their e-mail often enough and/or simply do not respond to e-mail surveys. The higher response rates of mailed surveys generate findings which are far more “representative” of your overall member views/opinions. Many more e-mail postings are required to generate statistically valid sampling rates that are truly representative of overall performance.

If you would like to include e-mail surveys as part of your Quality Loop program, we strongly recommend a “blend” approach to survey distribution— a split between mail-out and email surveys. We send out half the number of regular mail surveys as we normally would, but we send a significantly higher number of e-mail surveys— to make up for the expected lower rate of response.

email key

Net Promoter®

Do you know about the Net Promoter Score? This now-well-established performance metric— first introduced to the business world back in 2003*— is a proven winner when it comes to determining “exceptional performance” within a business organization..

Riding on the claim that “it’s the ONE number you need to know!”, the program pushes a single key question as one that every business should be most concerned about.

This question itself is absolutely “right-on” for credit unions since we’ve known for decades that, no matter what you might do marketing-wise, the very best way to generate growth is through word-of- mouth.

Net Promoter® Scores— measured on a 0-to-10 scale— are calculated by subtracting the percent of detractors (those who rate the question 0-to-6) from the percent of promoters (those giving ratings of 9 or 10). Ratings in the passive grouping (7 or 8) are ignored.

Records over the past decade show that businesses that achieve long-term profitable growth will have Net Promoter® Scores (NPS®) two times higher than average.

We urge you to include this question as part of your survey. If you do, you’ll be included in our NPS® comparison database of 60+ credit unions. It’s a service we provide at no additional charge.

*Net Promoter Score™ is a trademark of Satmetrix Systems, Inc., Bain & Company, Inc., and Fred Reichheld. More about NPS® at: http://en.wikipedia.org/wiki/Net_Promoter


How likely is it that you would recommend us to your friends?
Net Promoter Score™ graph

Sample Forms


Your Surveys

First, you’ll select five to seven survey questions to test for— matters that address your particular performance priorities. Then, throughout each reporting period we randomly draw a portion of your everyday member transactions to sample. Each selected member’s name/address is printed on a specially designed, quick-response form. These all show your CU’s logo, along with the employee, branch, and transaction date.



Your Reports

As surveys come back, the scores and written comments are transcribed verbatim into the Quality Loop data system. All data is then incorporated into a report which includes results for: 1) the CU overall, 2) each branch/team /department, 3) each employee. You then distribute the report findings throughout the credit union as appropriate. When employees see information which states, very directly, how their performance is perceived by members, they immediately start to improve their member-contact performance.

survey pdf

Sample Survey (pdf)

report pdf

Sample Report (pdf)