Navy Federal Credit Union, Technology Credit Union and Teachers Credit Union Use Vovici to Listen and Respond to Member Feedback
DULLES, Va., Jun 14, 2010—Vovici, the leading provider of Voice of the Customer (VoC) and enterprise feedback management (EFM) solutions, today announced several credit union customers that are leading the way in using member feedback to increase customer satisfaction with new products and services, including Navy Federal Credit Union, Technology Credit Union, and Teachers Credit Union.
Credit unions understand that member experience is critical to sustaining loyalty, advocacy, and growing new business. In January 2010, Forrester Research, Inc. published the results of an independent research report titled “Customer Experience Index 2010: Banks” based on responses from 4,600 U.S. consumers “about their interactions with a variety of companies, scoring those experiences in three areas: meets needs, easy to work with, and enjoyability.” In a year that many point to as one of the most difficult for banks, credit unions once again grabbed the top spot.
In the report, Forrester Research shows that a modest increase in customer experience will increase customer loyalty and boost revenues by approximately $305 million for every $10 billion in banking revenues. To capture these returns, customer experience professionals in the banking industry should:
— Build a robust voice of the customer program
— Make the business case for customer experience
— Get to the next level of customer experience maturity
“Vovici works closely with many credit unions and these results do not surprise us,” said Dave Capuano, vice president of marketing for Vovici. “Our credit union clients are highly focused on member satisfaction and use Vovici’s solutions to power extremely sophisticated and successful feedback management programs.”
“The merger and acquisition activity, combined with the negative press focused on the bigger banks, made it a tough year for customer satisfaction across the financial industry,” said Lewis Evans, president of Brand Beacon Consulting and an expert in customer experience programs for banks. “However, it is times like this when having a robust, automated, customer satisfaction program helps us stay better in tune with, and be more highly responsive to our customers’ needs and wants.”
Technology Credit Union has leveraged the Vovici solution to drive its customer satisfaction program since 2007. “As a credit union, member satisfaction is the most important metric we track. Vovici has enabled us capture more data in less time and do more with it than ever before. Our response rates have spiked from 6 percent in the old days to more than 30 percent with Vovici,” said Hemali Gajaria, assistant vice president of marketing research. “Our ability to capture feedback across all member touch points, and to act on that feedback in near real time, empowers us to be a better listening organization,” said Gajaria.
Teachers Credit Union launched a program last year to gauge member satisfaction with key transactions, and to find out if members would refer friends and family to the bank. “We quickly learned that many of the issues members faced could be addressed, and even resolved, with a quick phone call or email,” said Julie Sisco, research analyst with Teachers Credit Union. “Vovici has enabled us to capture immediate impressions of our members’ interactions with us, and to be proactive about managing those impressions and resolving any issues.” Teachers Credit Union has plans to expand its program to include more detailed quarterly surveys and to capture feedback from more touch points throughout the bank.
“Banks are under increasing pressure to optimize each customer interaction, and credit unions have consistently shown their ability to deliver on member satisfaction,” said Capuano. “Vovici is committed to helping our credit union clients define the next generation of member satisfaction through our robust feedback, analysis, and reporting solution.”
About Vovici
Vovici is the pioneer of Enterprise Feedback Management (EFM), providing comprehensive survey software, panel management systems and online community solutions. Our survey tools enable organizations to centralize feedback data collection, build and manage proprietary panels, leverage corporate social networking, and utilize robust survey analytics and reporting. Our solutions increase customer loyalty, facilitate collaboration and innovation, influence critical business decisions and provide voice to online communities. Organizations worldwide, including more than half of the Fortune 500, rely on Vovici to gather feedback on customer satisfaction, perform market research and gauge employee satisfaction. Visit www.vovici.com for more information.