Decoding U.S. Credit Union’s Customer Satisfaction Drivers With Advanced Text Analytics

A large credit union wanted to quickly identify the root causes of its fluctuating customer satisfaction scores to pinpoint high and low satisfaction drivers, opportunities for improvement, and insights into its competitors’ strengths and weaknesses.

Data analysis uncovered the primary factors that encourage retention, deter customers, and attract new customers—plus ways to utilize these findings to improve customer experience and boost satisfaction levels.

Challenge

High volumes of open-ended survey responses held valuable customer feedback but were difficult to analyze efficiently—especially because analysis needed to consider factors such as tenure, employment status, and primary financial institution. The client also wanted additional insight: What did various customer segments like or dislike about their primary financial institution (regardless of who that was)? Why might they consider switching? And what would make it easier to do business with the client?

Solution

By applying ORI’s advanced text analytics solution, our team detected and analyzed sentiment and effort expressed in open-ended survey feedback to understand the top drivers of low sentiment and high levels of effort (LOE) while also tracking changes over time. ORI conducted numerous deep dives into the needs and concerns expressed across key customer segments to identify themes and extract actionable information to improve customer experience and boost satisfaction levels.

Outcome

The analysis uncovered the primary factors that encourage retention, deter customers, and attract new customers—plus ways to utilize these findings to improve customer experience and boost satisfaction levels. Among the insights, the client discovered a driving truth: Attractive rates and a low-effort loan process may get customers in the door, but exceptional customer service, helpful staff, and convenient locations keep customers coming back and prevent them from switching to another primary financial institution.